US benchmark futures prices for West Texas Intermediate (WTI) dropped to negative $37.63 a barrel before recovering yesterday, however this was due to technical factors rather than fundamentals and should be viewed as an outlier, say fund manager Fidelity Despite Monday’s plunge being unprecedented – the first time oil has slipped into negative territory – this isn’t a sign for further bad news, according to James Trafford, analyst and portfolio manager at Fidelity. “Is this a sign that underlying global demand for oil, or the depth of the production glut, is much worse than anyone thought? We think not. Clearly,

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