Friday, 1 July 2016
Last updated 14 hours ago
Jul 21 2014 | 10:53am ET
Hedge funds exited bullish bets on oil en masse earlier this month.
Hedge funds and other money managers cut their net-long positions in Brent crude by nearly 25% in the week ended July 15, the IntercontinentalExchange said. The move comes as oil prices hit a three-month low, and increase the reduction in bullish bets to nearly 40% since last June.
Speculators also exited nearly $6 billion in long oil bets on the New York Mercantile Exchange last week, capping the largest four-week reduction by hedge funds and others in the exchange’s history.