(Reuters) – Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short term. Although hedge funds and other money managers were net buyers of 5 million barrels of Brent crude futures and options in the week to March 12, that mostly only reversed the 4 million barrels of net sales seen the previous week.
Hedge funds pause oil buying as fresh doubts about the economy surface:
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