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Hedge funds polarised on oil by economy and supply threats

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Hedge fund managers remain deeply divided about what matters more for the future direction of oil – intensifying fears about a global recession or Saudi Arabia’s production cuts and other supply disruptions.

Hedge funds and other money managers sold futures and options equivalent to 25 million barrels in the six most important contracts linked to petroleum prices in the week to Aug. 6.

But the fund sales essentially reversed purchases of 20 million barrels the previous week and there has been little change in the net position since the middle of June.

The most recent week saw portfolio managers sell Brent (-13 million barrels), US........

© Middle East Monitor