Hedge Funds Keep Cutting Bets on Oil Rally as Oil Keeps Rallying
- Five-week drop in net-long Brent positions is most since 2016
- Getting less bullish even as international benchmark tops $80
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As Brent oil prices climb, money managers are feeling less and less bullish.
Hedge funds cut their net-long positions -- the difference between bets on a price increase and wagers on a drop -- for a fifth consecutive week, the longest stretch of declines since November 2016. The reductions came just before Brent crude oil surged above $80 a barrel this week for the first time since 2014.