Column: Saudi oil attacks leave hedge funds unmoved despite battle of the bots - Reuters:
Hedge fund managers remain cautious about the outlook for oil prices despite a short-term surge following the recent attacks on Saudi Arabia’s oil installations.
Amid record trading volumes, oil prices posted a record one-day rise on Sept. 16, the first trading day after the attacks.
However, most of this was probably attributable to short-term computerised market-making programmes (“bots”) taking intra-day positions rather than fund managers shifting their strategic view.
Prior to the attacks, hedge fund managers had increased their bullish positioning in petroleum significantly as hopes rose for a trade truce between China and the United States.
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