COLUMN-Fund oil buying resumes as global manufacturing surges: Kemp

By Reuters7 days ago

By John Kemp

LONDON, May 4 (Reuters) - Hedge funds boosted their position in petroleum for the third week running, confirming increasing confidence over rising prices for the rest of the year.

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Though the increases were small, with money managers purchasing the equivalent of 30 million barrels in the six most important petroleum futures and options contracts in the week to April 27, it was still the largest weekly increase since early February.

Purchases over the three most recent weeks have totalled 63 million barrels, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

Portfolio managers have reversed about half of their net sales in late March and early April, when there were concerns about frothy oil prices and resurgent coronavirus cases (https://tmsnrt.rs/2PM7zye).

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