Biden Administration's Vague Timing on US Oil Reserve Replenishment Causes Volatility in Prices.

Oil traders are cutting their bullish bets on crude oil due to concerns about the economy and new banking sector jitters, leading to extreme volatility in oil prices. Open interest in U.S. crude oil futures is at its lowest in three years, and prices are set for more extreme swings. Speculators have been consistently caught off-guard in the past two months, and many have now opted to stay away. Lower open interest and liquidity in the market is bound to make price swings even more extreme, according to analysts.