Oil Jumps, but Another Downward Slide Seems Likely

WTI crude gained more than 2% on Tuesday morning, erasing some of Monday's losses, but increasingly negative sentiment in oil remains a prime risk. Start to 2024 Oil Trading Looks Increasingly Bearish- Hedge funds and other money managers are increasingly bearish on the oil markets’ outlook, adding a combined 61,000 short positions in Brent and WTI crude in the week to January 2.- This marks the largest week-on-week increase in short positions since March and the second largest since mid-2017, brushing aside ongoing Red Sea shipping woes…