Hedge funds cut bullish bets on U.S. crude as demand outlook worsens | Reuters

Hedge funds cut bullish bets on U.S. crude as demand outlook worsens | Reuters:

Hedge funds and money managers cut bullish wagers on U.S. crude, data showed on Friday, as rising coronavirus cases around the world weakened the demand outlook, and a rise in OPEC output last month also weighed on the market.

The speculator group cut its combined futures and options position in New York and London by 4,619 contracts to 297,896 in the week to Oct. 6, the lowest in nearly a month, the U.S. Commodity Futures Trading Commission (CFTC) said.

U.S. crude prices CLc1 rose about 3.5% during the period while Brent climbed LCOc1 nearly 4%, though most of the gains came from the final day of the week.

In the United States alone the pandemic has infected more than 7.2 million and killed more than 206,000.