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Hedge funds up oil short positions despite Saudi warning

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Saudi Arabia’s energy minister Abdulaziz bin Salman may have recently warned oil short sellers to “watch out”, but hedge funds have turned bullish on oil again with wagers against US crude futures and options jumping to the highest in three months, according to a report by Bloomberg.

Saudi Arabia’s energy minister Abdulaziz bin Salman may have recently warned oil short sellers to “watch out”, but hedge funds have turned bullish on oil again with wagers against US crude futures and options jumping to the highest in three months, according to a report by Bloomberg.

The report cites the latest data from ICE and the CFTC as revealing that bullish bets in Brent are now at the lowest level seen in three weeks, while bets on falling West Texas Intermediate prices are at the highest in 12 weeks.

With China’s recovery from pandemic-related restrictions stalling, and oil supplies from Russia remaining high, speculators, including hedge funds and momentum-based traders, have been extremely bearish across major oil contracts as concerns about oversupply increase, according to the report.
 

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