Confirming sentiments in previous Red Swan observations, oil is indeed rising, hitting $80/barrel as summer is poised to roll in for the northern hemisphere.
Hedge funds and other money managers have cut their long positions for several consecutive weeks, perhaps as a bit of profit-taking, or maybe because the bullish positioning had appeared to have gone too far.
… But betting that oil prices have hit a ceiling and liquidating bullish positions is a “dangerous” game, according to Goldman Sachs.