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Saturday, 6 May 2017

Bullish bets on oil price fall to lowest since Opec output cut

Bullish bets on oil price fall to lowest since Opec output cut:

"Hedge funds have slashed their bullish bets on US oil to a level last seen before Opec’s historic pact to cut output, revealing jitters about the cartel’s effectiveness among a crucial constituency in futures markets. Fund managers held a net long position of 163m barrels in Nymex West Texas Intermediate crude oil futures when the government took a snapshot earlier this week, according to the Commodity Futures Trading Commission. That was the smallest since November 29 — a day before Opec and allied producers agreed to remove more than a million barrels a day from the oil market in an attempt to end a glut and boost prices. The data recorded positions on Tuesday, two days before a rout that returned oil prices to where they were before the Opec deal. Bankers said Thursday’s nearly 5 per cent sell-off reflected further liquidation by funds."



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