LONDON (Reuters) – Hedge funds bought oil final week on the quickest price for nearly a 12 months, as escalating tensions within the Center East and hopes for a minimize in U.S. rates of interest outweighed issues about flagging world progress.
A pumpjack is seen close to Zistersdorf, Austria, October 2, 2017. REUTERS/Heinz-Peter Bader
Hedge funds and different cash managers purchased the equal of 84 million barrels within the six most essential petroleum futures and choices contracts within the week to July 16, the most important weekly enhance since August 2018.
Funds had been consumers final week of Brent crude (+36 million barrels), NYMEX and ICE West Texas Intermediate crude (+29 million), U.S. gasoline (+6 million), U.S. heating oil (+2 million) and European gasoil (+11 million barrels).
Portfolio managers have purchased 125 million barrels of crude and fuels within the final 4 weeks, after promoting 389 million barrels over the earlier eight weeks, trade and regulatory information present.
Funds stay cautious on the value outlook, with web lengthy positions totalling simply 647 million barrels, down from current…