Hedge funds continue to exit oil but OPEC stems rout: Kemp

Hedge funds continue to exit oil but OPEC stems rout: Kemp:

"Hedge funds continued to take profits on their bullish positions in crude and especially refined fuels in the most recently reported week but supportive comments from OPEC helped steady oil prices.

Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by the equivalent of 48 million barrels in the week to Feb. 20.

The hedge funds’ net long position has been cut in each of the four most recent weeks by a total of 263 million barrels, in what has been the largest drawdown for more than seven months."



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