SECOND TAKE
High oil prices trigger hedge fund buying
Fund managers are responding to signs of continued output restraint, especially from the US shale sector
08 June 2021 - 15:10
Portfolio managers increased their positions in petroleum last week, reversing roughly half the sales over the previous three weeks, as benchmark oil prices started to break up through the recent ceiling.
Hedge funds and other money managers purchased the equivalent of 40-million barrels in the six most important futures and options contracts in the week to June 1, after selling a total of 74-million over the previous three weeks...
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