Saturday, 10 August 2019
Hedge Funds Bet on Oil Rally Just Before Saudis Give It a Boost - Bloomberg
Hedge Funds Bet on Oil Rally Just Before Saudis Give It a Boost - Bloomberg:
Hedge Funds were right on the money for a second straight week as oil gets pulled in opposite directions by Donald Trump and Saudi Arabia.
Money managers increased by 5.4% their net bets that West Texas Intermediate crude would rally even as futures tumbled in the week ended Aug. 6, data released Friday show. That was just in time for a 6.7% price jump in the past two days after Saudi Arabia was said to mull measures to ease the rout.
A week earlier, short-sellers had boosted bets against WTI, before tweets from the U.S. President escalated the trade war with China and tipped the oil market into its biggest plunge since 2015.
Hedge Funds were right on the money for a second straight week as oil gets pulled in opposite directions by Donald Trump and Saudi Arabia.
Money managers increased by 5.4% their net bets that West Texas Intermediate crude would rally even as futures tumbled in the week ended Aug. 6, data released Friday show. That was just in time for a 6.7% price jump in the past two days after Saudi Arabia was said to mull measures to ease the rout.
A week earlier, short-sellers had boosted bets against WTI, before tweets from the U.S. President escalated the trade war with China and tipped the oil market into its biggest plunge since 2015.
#Saudi trade with four Gulf states plunges 5.5% in five months | ZAWYA MENA Edition
Saudi trade with four Gulf states plunges 5.5% in five months | ZAWYA MENA Edition:
The trade exchange between Saudi Arabia and four Gulf countries (the UAE, Bahrain, Kuwait, and Oman) decreased during the first five months of 2019, according to data released by the kingdom’s General Authority for Statistics (GAS).
The bilateral trade between Saudi Arabia and the four countries declined by 5.5% in value to SAR 43 billion from January 2019 to the end of May, compared to SAR 45.48 billion in the year-ago period.
Saudi exports to those countries went down to SAR 18.82 billion in the fifth-month period ended 31 May, from SAR 20.28 billion the year before.
The trade exchange between Saudi Arabia and four Gulf countries (the UAE, Bahrain, Kuwait, and Oman) decreased during the first five months of 2019, according to data released by the kingdom’s General Authority for Statistics (GAS).
The bilateral trade between Saudi Arabia and the four countries declined by 5.5% in value to SAR 43 billion from January 2019 to the end of May, compared to SAR 45.48 billion in the year-ago period.
Saudi exports to those countries went down to SAR 18.82 billion in the fifth-month period ended 31 May, from SAR 20.28 billion the year before.