Hedge funds sell oil as global economy slows: Kemp - Reuters

Hedge funds sell oil as global economy slows: Kemp - Reuters:

Hedge funds cut their bullish positions in petroleum last week for the second week running as anxiety about the slowing global economy and oil consumption trumped optimism over production restraint by OPEC and its allies.

Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts by 35 million barrels in the week to Aug. 13, having cut it by 25 million barrels the previous week.

Portfolio managers last week sold Brent (37 million barrels), U.S. gasoline (15 million), U.S. heating oil (9 million) and European gasoil (4 million) as the consumption outlook deteriorated.