Hedge funds bang defensive drum on oil: Kemp - Reuters

Hedge funds bang defensive drum on oil: Kemp - Reuters:

Hedge funds liquidated more of their bullish petroleum positions as concerns about the health of the global economy and oil usage outweighed European and Middle Eastern supply disruptions.

But selling in the most recent week was notably lighter than in the three previous, suggesting at least some managers think prices have pulled back enough for the time being.

Positions were reported at the close on May 21, before oil prices slumped on May 23 amid fears about the economic impact of a prolonged trade conflict between China and the United States.