Oil Price Pressure Defies OPEC Production Cuts

The video discusses the current state of the oil market, highlighting managed money positions at a 2.5-year high and the impact of rig counts on oil prices. Despite production cuts by OPEC, increased US shale production is exerting downward pressure on prices. The discussion includes predictions of oil prices breaking below $50 and the role of producer short positions in the market. The weaker dollar and its implications on oil prices are also analyzed.

Why is there pressure on oil prices despite a weaker dollar?

What are the implications of producer short positions being the highest since 2007?