| Saudi Arabia successfully confounded hedge funds with bearish views on oil by reaching an unexpected production deal with OPEC members in Algiers on Sept. 28, sending prices soaring in a short-covering rally.
Hedge funds and other money managers increased their net long position in the three main Brent and WTI futures and options contracts by a record 142 million barrels over the seven days ending on Oct. 4. Hedge funds' net position surged from 471 million barrels on the eve of the OPEC meeting to 612 million barrels seven days later........................................Full Article: Source
|