Oil prices stumble as hedge funds become overextended: Kemp - Reuters

Oil prices stumble as hedge funds become overextended: Kemp - Reuters:

Hedge fund managers added even more bullish long positions in crude oil and refined fuels last week, but positions showed signs of becoming stretched, setting prices up for a setback.

Hedge funds and other money managers were net buyers of another 46 million barrels of futures and options in the six major petroleum contracts in the week to April 23, according to exchange and regulatory data.

Funds were net buyers of Brent (+16 million barrels), NYMEX and ICE WTI (+24 million) and European gasoil (+8 million) but smaller sellers of U.S. gasoline (-3 million) and left U.S. heating oil positions unchanged.