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Rory Johnston highlights that speculators shed nearly half their net length in Brent crude contracts last week.
The sharp decrease is described as a capitulation event in the market.
Brent crude futures dropped around $3 per barrel and fell below $90 last week, according to Johnston. Earlier, he reported the largest weekly pullback in net speculative Brent positioning during the war here. The recent reduction in positions follows these earlier signs of shifting sentiment in the market.