(Gulf-times) Hedge fund managers accelerated their profit-taking in crude oil and refined fuels last week, as confidence in the previous price rally faltered and the market fell. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 133mn barrels in the week to October 16.Fund managers have cut their combined position by a total of 187mn barrels in the last three weeks after earlier raising it by 196mn barrels in the previous five weeks.
Hedge Fund Managers Accelerate Their Profit-Taking in Oil
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