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Crude oil Sees Short Sails as Interest Rates Rise

OIL

Portfolio Investors have restarted sales of petroleum contracts last week as fears over the conflict in the Middle East are swapped for concerns over high interest rates and a sluggish global economy, according to Reuters.

  • Hedge funds have sold the equivalent to around 14m bbl in the six most important petroleum futures and options contracts in the week to Oct. 24, Reuters added.
  • Hedge funds have been net sellers in four of the last five weeks, selling 201m bbl since Sep. 19.
  • Fund managers are more bullish about brent and US diesel, while more bearish on WTI and US gasoline.
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