Column: Hedge funds sell oil as doubts about economy resurface - Reuters

Column: Hedge funds sell oil as doubts about economy resurface - Reuters:

Hedge funds turned heavy sellers of petroleum last week as the threat of conflict in the Middle East receded and was replaced by renewed concerns about the health of the global economy.

Hedge funds and other money managers sold the equivalent of 99 million barrels in the six most important petroleum futures and options contracts in the week to Jan. 14.

The sales come after portfolio managers had purchased 349 million barrels over the previous five weeks and a total of 533 million since mid-October (tmsnrt.rs/30AVkWa).

Funds were heavy sellers of NYMEX and ICE WTI last week (64 million barrels) as well as U.S. diesel (16 million) and European gasoil (23 million).