US crude oil bears risk reversal from crowded trade

REUTERS/Rick Wilking/File Photo Acquire Licensing Rights LONDON, Nov 20 (Reuters) – Investors have rarely been more bearish about oil prices as a slowing economy and an increase in non-OPEC output lead them to conclude OPEC⁺ production cuts will not prevent a rise in inventories.

Hedge funds and other money managers sold the equivalent of 7 million barrels in the six most important petroleum-related futures and options contracts over the seven days ending on Nov. 14.

Fund managers had sold petroleum in seven of the last eight weeks cutting their position by a total of 338 million barrels since Sept. 19, according […]

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By Donato