Mark Shenk, Bloomberg News reports that hedge funds reduced bullish oil
bets to the lowest level in almost three months as futures declined and U.S.
crude stockpiles increased.
Money managers slashed wagers on rising prices for the
fourth time in five weeks, cutting net-long positions by 17 percent in the
seven days ended Oct. 23, the Commodity Futures Trading Commission’s
Commitments of Traders report on Oct. 26 showed. It was the least since the
week ended July 31.
Oil has fallen 15% from a four-month intraday high of
$100.42 a barrel on Sept. 14. Futures dropped to a three-month low of $84.94
last week as crude inventories swelled and fuel demand shrank. U.S. output has
increased to the highest since 1995 as new technology unlocked supply in formations
such as the Bakken shale in North Dakota.,,,.
Don’t stop now. Check
out http://business.financialpost.com/2012/11/01/hedge-funds-cut-bullish-oil-bets-to-3-month-low/
No comments:
Post a Comment