Hedge Fund Bets on WTI, Brent Diverge as Trade War Roils Markets
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Hedge funds pared bets on falling US crude prices as trade wars ratchet up worries about tighter supplies in America, but maintained a bearish stance on Brent amid the prospect of higher OPEC+ output.
Money managers reduced their net-long position on Brent by 6,140 lots to 153,285 lots in the week ended March 11, the lowest since November, weekly ICE Futures Europe data on futures and options show. The cartel surprised markets with a plan to revive halted output after repeated delays.