(Reuters) – Hedge funds sold more Brent futures and options last week as concerns about the global economy trumped the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend output cuts. Hedge funds and other money managers sold another 7 million barrels of Brent derivatives in the week to July 2, according to position data published by ICE Futures Europe. Portfolio managers have now sold a total of 158 million barrels over the last eight weeks, after previously buying 270 million barrels since Dec. 4
Hedge funds sell crude as economy fears trump OPEC cuts
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