(Reuters) “If at first you don’t succeed, try, try, try again,” goes the proverb used to encourage students. Hedge fund managers are becoming bullish toward crude oil and refined fuels for the third time this year and must be hoping the signs of market rebalancing are real this time after early setbacks proved costly. Hedge funds and other money managers raised their net long position in the three major futures and options contracts linked to Brent and West Texas Intermediate (WTI) to 705 million barrels in the week to Aug. 8.
Hedge Funds Gamble For a Third Time on Oil Rebalancing
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