COLUMN-Oil markets hit by profit-taking ahead of China tariff deadline: Kemp - Reuters:
Hedge funds scaled back their bets on higher oil prices last week, with futures and options markets hit by a wave of selling after a jump in positions the week before.
While much of that can be put down to profit taking, the shaky economic outlook and rapidly approaching deadline for more U.S. tariffs on Chinese goods means fund managers are likely to moderate their bullishness for the time being.
Hedge funds and other money managers sold the equivalent of 107 million barrels in the six major futures and options contracts linked to petroleum prices in the week to Dec. 3 (tmsnrt.rs/357podI).
That reversed three-quarters of the 144 million barrels purchased the previous week, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.
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