Hedge funds lose faith in OPEC: Kemp | Reuters

Hedge funds lose faith in OPEC: Kemp | Reuters:

"Hedge funds are losing faith that OPEC can accelerate the rebalancing of the oil market even if the group agrees to extend output cuts when it meets later this month. Hedge funds and other money managers cut their combined net long position in the three main futures and options contracts linked to Brent and WTI by 139 million barrels in the week to April 25 (tmsnrt.rs/2p10Ih8). The reduction was one of the largest weekly falls on record, and reverses a cumulative increase of 140 million barrels over the previous three weeks, according to data from regulators and exchanges (tmsnrt.rs/2oSQUu5). "



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