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As OPEC looms, hedge funds more cautious on oil: Kemp

Posted on 23 November 2016

Hedge funds have taken a more cautious stance on oil prices amid a flurry of diplomatic activity aimed at securing a production-limiting deal among OPEC members by the end of the month. The funds cut their combined net long position in the three major Brent and West Texas Intermediate (WTI) futures and options contracts by just 3 million barrels to 422 million barrels in the week ending Nov. 15.
The much smaller reduction came after fund managers cut net long positions by a record 149 million barrels the previous week, according to an analysis of data from regulators and exchanges………………………………………Full Article: Source


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