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Hedge Funds Back Off On Oil As Saudis Signal Opec To Open Spigot - Houston Chronicle

by chron.com posted 1month ago 28 views
Khalid Al-Falih, Saudi Arabia's energy and industry minister, center, at the June OPEC meeting. Hedge funds are reducing their bets on oil over signals that OPEC will boost production. Money managers slashed bets on rising West Texas Intermediate crude prices to the lowest in more than a year, with total positioning on the U.S. benchmark down to a level last seen in 2015. While Saudi Energy Minister Khalid Al-Falih said OPEC is in “produce-as-much-as-you-can mode” to offset sanctions on Iran, a global equity meltdown and worries over demand haven’t helped either.

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