Hedge Funds Shrug Off Saudi Attacks as Demand Concerns Linger - Bloomberg:
The devastating attack on Saudi Arabian oil facilities fueled a record rise in crude futures, but hedge funds didn’t take the bait.
Money managers cut bullish bets on Brent oil by 3%, the first decline in three weeks, according to data released Friday.
Following the attack that briefly halted 5% of the world’s oil production, the global benchmark surged by the most ever. But supply concerns eased quickly as state-owned oil company Saudi Aramco reassured the market that it would still meet its commitments. Brent ended the week 6.7% higher, even as demand concerns re-emerged.
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