Hedge Funds Keep Cutting Bets on Oil Rally as Oil Keeps Rallying
- Five-week drop in net-long Brent positions is most since 2016
- Getting less bullish even as international benchmark tops $80
By Jessica Summers
As Brent oil prices climb, money managers are feeling less and less bullish.
Hedge funds cut their net-long positions -- the difference between bets on a price increase and wagers on a drop -- for a fifth consecutive week, the longest stretch of declines since November 2016. The reductions came just before Brent crude oil surged above $80 a barrel this week for the first time since 2014.
Full story on Bloomberg
As Brent oil prices climb, money managers are feeling less and less bullish.
Hedge funds cut their net-long positions -- the difference between bets on a price increase and wagers on a drop -- for a fifth consecutive week, the longest stretch of declines since November 2016. The reductions came just before Brent crude oil surged above $80 a barrel this week for the first time since 2014.
Full story on Bloomberg
Join the conversation