Column: Oil prices correct lower on hedge fund sales - Reuters:
Hedge fund managers have started to increase their bearish oil positions for the first time since the start of the year, amid signs the previous bull run had become overextended and prices were ripe for a correction.
Hedge funds and other money managers were net sellers of the six major petroleum futures and options contracts in the week to April 30, bringing to an end a record-breaking 15-week run of net purchases.
Portfolio managers cut their net long position by 17 million barrels last week, after having raised it by a total of 609 million since Jan. 8 (tmsnrt.rs/2LpJ0Ek).
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