Hedge funds made bearish bets on US oil as prices fell to their lowest level in more than seven weeks.
Money managers' net long position in West Texas Intermediate fell 6,957 lots from 179,646 to 172,689 lots in the week through April 30, marking the third straight week of declines, according to the U.S. Commodity Futures Trading Commission. Hedge funds increased short oil bets by 9,705 lots to 78,141, reaching their highest level since January.
Oil fell to its lowest level since mid-March this week as U.S. oil inventories rose more than expected and ceasefire talks between Israel and Hamas showed signs of progress 🕊. Meanwhile, persistent US inflation has forced the Federal Reserve to maintain higher interest rates, and the weakness of the US economy has led to lower demand for gasoline and diesel fuel.
Hedge funds' net long position in global benchmark Brent crude rose after a big drop last week. But the main driver of real demand for these raw materials is only military conflicts.
Hedge funds made bearish bets on US oil as prices fell to their lowest level in more than seven weeks.
Money managers' net long position in West Texas Intermediate fell 6,957 lots from 179,646 to 172,689 lots in the week through April 30, marking the third straight week of declines, according to the U.S. Commodity Futures Trading Commission. Hedge funds increased short oil bets by 9,705 lots to 78,141, reaching their highest level since January.
Oil fell to its lowest level since mid-March this week as U.S. oil inventories rose more than expected and ceasefire talks between Israel and Hamas showed signs of progress 🕊. Meanwhile, persistent US inflation has forced the Federal Reserve to maintain higher interest rates, and the weakness of the US economy has led to lower demand for gasoline and diesel fuel.
Hedge funds' net long position in global benchmark Brent crude rose after a big drop last week. But the main driver of real demand for these raw materials is only military conflicts.
