IEA’s Birol: Worst of Global Energy Crisis May Be Ahead Oil tumbled as concerns about a global economic slowdown and growing Covid-19 cases in China reduced traders’ appetite for risk. West Texas Intermediate shed more than 8% to settle under $96 a barrel for the first time since early April. Rising virus cases in China and looming US inflation data are stoking concerns about demand. Meanwhile, dwindling liquidity is also exacerbating price moves. Money managers have become more bearish on the main oil benchmarks, cutting their net-long positions last week to the lowest since 2020. “The volatility in commodity markets increases the stakes for putting money to work,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “The decimation of other commodities has also reduced risk appetite for crude even in a supply-constrained market.” Despite recession fears, several energy administrations agree that supply tightness is set to […]