Commentary: Bullish hedge fund managers continue to pull oil positions | Reuters

Commentary: Bullish hedge fund managers continue to pull oil positions | Reuters:

Hedge fund managers continued to liquidate their bullish positions in crude and fuels, amid negative sentiment towards petroleum, before prices rallied sharply in the second half of last week.

Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 49 million barrels in the week to Aug. 20.

Fund managers have reduced their net long position in 13 of the last 18 weeks, by a total of 508 million barrels (36 percent), according to an analysis of records published by regulators and exchanges.