(Reuters) Hedge funds had become increasingly bearish toward crude oil by the middle of last week, leaving them vulnerable to a short squeeze with OPEC’s next meeting coming up on May 25. In fact, hedge fund positioning in crude is nearly identical to before the last OPEC meeting held on Nov. 29, which was followed by a fierce short-covering rally.
OPEC and Hedge Funds are Trapped in Groundhog Day
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