Hedge Funds Killed The OPEC Rally

Oil investors were confident ahead of the OPEC meeting last week, holding onto their bullish bets, but now there seems to be a bit of an OPEC hangover after weeks of hype. Heading into the meeting, hedge funds and other money managers increased their bullish bets on crude futures, despite already collectively holding a disproportionately bullish set of positions. The week before the meeting, bets on WTI jumped to their most bullish since February, according to Bloomberg. The shift occurred largely because short bets were liquidated, a sign that…
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