Column: Oil prices steady as funds near end of liquidation - Kemp | Reuters

Column: Oil prices steady as funds near end of liquidation - Kemp | Reuters:

Hedge fund managers continued to exit from their former bullish positions in crude oil and fuels last week but the worst of the selling may be over, which has helped steady futures prices.

Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 54 million barrels in the week to Nov. 20.

Portfolio managers have slashed their combined net long position by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, and very likely the largest ever.