In a move that has sent shockwaves through the oil market, Saudi Arabia has drastically reduced oil prices, leading to a significant increase in short positions in both Brent crude and West Texas Intermediate crude. What Happened: Short positions in Brent crude and West Texas Intermediate crude jumped by 61,000 in the past week, marking the largest increase since March of the previous year. This surge is largely attributed to the price cuts implemented by Saudi Arabia for its flagship crude product, reported Business Insider. The state-operated oil powerhouse, Saudi Aramco, has slashed the Feb…