Are Oil Prices About To Bounce Back?

Spooked by gloomy outlooks for the global economy and oil demand growth, money managers continue to amass shorts and cut longs in oil. Hedge funds and other portfolio managers cut their net long position—the difference between bullish and bearish bets—in the six most important petroleum futures contracts by 96 million barrels in the latest reporting week to June 11, according to exchange data compiled by Reuters columnist John Kemp.

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