Speculators have been selling oil over the past two weeks as prices continue higher and the appetite for profit-taking increases. How long it will last is anyone’s guess, but it might intensify this week. Oil prices began rising last November when the first news about vaccine safety and efficacy emerged. Then, oil prices experienced a series of small dips. After that, it’s been mostly smooth sailing since January, thanks to the mass rollout of vaccinations that are expected to boost oil demand soon. In addition to the vaccinations, however, OPEC+ continued to keep a cap on its production, with Saudi Arabia taking on a unilateral cut of 1 million bpd in addition to its OPEC+ quota. The cuts have been effective, as production cuts tend to be, reducing global stocks of crude oil. As a result of these developments, more people began talking about a rebalancing market and the […]