Reported 26 days ago
Hedge funds have registered their first net bearish position on Brent crude oil, with short positions exceeding long bets for the week ending September 10. This shift is driven by concerns about an oversupply as non-OPEC countries ramp up production and demands from major consumers, such as China and the US, show signs of weakening. In contrast, while fund managers remain net bullish on WTI, their positions are at a nine-month low. Additionally, bearish sentiments are impacting refined-products markets, marking the lowest confidence in diesel and gasoline positions in nearly a decade.
Source: YAHOO