Hedge fund managers have started to turn more bearish on oil as concerns about a...
LONDON - Hedge fund managers have started to turn more bearish on oil as concerns about a slowing global economy and an over-extended price rally outweigh fears about sanctions and supply disruptions.
Portfolio managers have now sold a total of 42 million barrels in the last two weeks, after buying 609 million over the previous 15 weeks since Jan. 8, according to position records published by regulators and exchanges. Large concentrations of fund positions have generally preceded a reversal in the price trend, so some managers may have anticipated a future fall in prices.
The rise in NYMEX WTI short positions, which is the most significant since the start of 2019, could indicate the start of a new short-selling cycle, the first since late August 2018.
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