Funds buy WTI in bet worst is over for oil: Kemp - Reuters

Funds buy WTI in bet worst is over for oil: Kemp - Reuters:

Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdown. 

Money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week ending on April 28, exchange and regulatory records showed.

Purchases were down from 122 million barrels the previous week, but funds have now been buyers for five weeks running, with total purchases reaching 246 million barrels.

Repeating the pattern of previous weeks, last week’s buying was concentrated in crude (+41 million barrels) with an orientation towards U.S. light sweet crude (known as WTI) (+32 million) rather than Brent (+9 million).