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Access here alternative investment news about Oil Prices Get A Lift From Short-covering | Hellenic Shipping News Worldwide
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Oil Prices Get A Lift From Short-covering | Hellenic Shipping News Worldwide

by hellenicshippingnews.com posted 2weeks ago 6 views
Hedge fund managers have started to cover some of the bearish short positions in oil they established since late April, amid hopes for interest rate cuts and a trade truce between China and the United States. Hedge funds and other money managers increased their net long position in the six major petroleum futures and options contracts by 19 million barrels in the week to June 25. Last week’s rise was the first after money managers cut their combined net long position by 389 million barrels over the previous eight weeks, a significant turnaround (tmsnrt.rs/2FKYmOv). Position changes were driven by short-covering.

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