Oil investors have significantly reduced their net bullish positions on Brent crude, reaching the lowest levels since data began in 2011. This reduction is attributed to shrinking profit margins, slowing demand, and concerns over a global crude glut. US oil refiners, including Marathon and Valero, are cutting back operations, further contributing to the buildup of stockpiles. Fund managers have been net sellers for five consecutive weeks, reducing positions by 372 million barrels since July. Additionally, the WTI 3-2-1 refining margin indicator has dropped to $21.5 per barrel, the lowest in nearly ten months. The financial market meltdown has exacerbated the situation, leading to record-low oil positioning, which some analysts believe could signal a potential price rebound.