Hedge Funds Back Off Oil as Saudis Keep Market on Its Toes - Bloomberg

Hedge Funds Back Off Oil as Saudis Keep Market on Its Toes - Bloomberg:

"Money managers once again cut bets on rising oil prices -- the longest streak of declines since 2013. As investors digest the signals of increasing supplies from Saudi Arabia and Russia, and the U.S. is said to back the idea, futures have slumped 9 percent in less than three weeks. Total positioning on West Texas Intermediate is the lowest in almost a year ahead of an OPEC meeting in Vienna on June 22 and 23. “The commentary out of Saudi Arabia and Russia about easing the supply restrictions just undercut the bullish narrative that had built into the market,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. “It’s obviously going to be a very contentious meeting.”"



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