# Oil Falls Out of Favor With Speculators | Energy Intelligence

> Brent crude held near $85 a barrel, but speculators have pulled back from long positions amid concern over a slowing Chinese economy and ample non-OPEC supply. Brent briefly topped $88 on August 10 before sliding below $82 on August 23.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/34766-oil-falls-out-of-favor-with-speculators-energy-intelligence
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Reduced speculative buying limits upside for crude, though physical prices remain firmer than futures, pointing to a market that is tight but capped.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Sources

- energyintel.com: https://www.energyintel.com/0000018a-42eb-d7bd-a7fb-42fb5b920000

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.