Hedge Funds
LONDON Hedge funds have started to rebuild bullish long positions in crude oil as OPEC prepares to extend its production cuts for an additional nine months. Hedge funds and other money managers increased their net long position in the three major futures and options contracts linked to Brent and WTI by 6 million barrels in the week to May 16 (tmsnrt.rs/2qGJbP8). While the increase was small it marks a turnaround after three consecutive weeks in which funds had reduced their net long position by a total of 308 million barrels (tmsnrt.rs/2rI6bMg). There were sharply contrasting views in the market about...

In this article