Oil’s plunge was sign market got too bullish, too fast

FOR THOSE who had been tracking oil’s technical indicators this month, the message was clear: Crude prices had risen too quickly, too fast.

Opec+’s decision to rein in production earlier this month, hedge funds piling into the most bullish positions in over a year and an attack on a Saudi Arabian oil complex all worked to propel Brent crude past $70 a barrel for the first time in more than a year.