Iran sanctions decision rewards hedge fund oil bulls: Kemp - Reuters:
Hedge fund managers added even more bullish long positions in crude oil and gasoline last week as traders bet prices will continue rising despite a sluggish economy and political sensitivity around escalating motoring costs.
The Trump administration’s decision to toughen sanctions on Iran’s oil exports has rewarded fund managers who have been increasingly confident that the oil market will tighten significantly this year, lifting prices.
Even before the latest sanctions announcement, hedge funds and other money managers increased their net long position in the six most important petroleum futures and options contracts by another 61 million barrels in the week to April 16
No comments:
Post a Comment