Just as Oil Prices Recover, Hedge Funds Lose Faith in Rally - Bloomberg:
Hedge funds picked a bad week to lose faith in oil’s recovery.
Money managers’ net-long bets on rising Brent crude prices fell for the first time in a month, according to data released Friday, leaving investors wrong-footed as the global benchmark enjoyed its biggest weekly rally in two years. Wagers on a Brent sell-off also jumped, leaving overall sentiment near its most bearish level since 2015.
Brent gained 9.3 percent last week as Saudi Arabia moved to trim its output and a healthy U.S. jobs report eased some fears about the economy. But investors are still far from convinced that the market has solved the supply glut that sent prices sliding in 2018.
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