RPT-COLUMN-Oil price risks shift to the upside, funds continue buying: Kemp - Reuters:
Hedge funds continued to buy oil derivatives last week, anticipating the oil market has entered an upward price cycle as the global economy steadies and the surge in shale production fades.
Hedge funds and other money managers purchased the equivalent of 26 million barrels of futures and options in the six major petroleum contracts in the week to Nov. 5 (tmsnrt.rs/2X5HQQs).
Fund managers were buyers of ICE Brent (+28 million barrels), NYMEX and ICE WTI (+14 million) and U.S. gasoline (+4 million), while selling some U.S. heating oil (-8 million) and European gasoil (-12 million).
Funds have purchased 135 million barrels in the six main contracts over the last four weeks, after selling 206 million barrels in the three weeks before that, according to exchange and regulatory data.
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