Hedge Funds Soured on Oil as OPEC Agreed to Bumper Supply Hike
This article is for subscribers only.
Hedge funds turned the least bullish on Brent crude in about six months as OPEC+ agreed to a second major production increase, inflaming concerns that the extra supply could lead to a global glut.
Money managers reduced their net-long position on Brent by 12,383 lots to 97,558 lots in the week ended May 6, the lowest since October, weekly ICE Futures Europe data on futures and options show. Short-only bets against West Texas Intermediate rose by the most since March, according to the Commodity Futures Trading Commission.