Column: Lower oil prices prompt hedge fund short-covering – Reuters

Column: Lower oil prices prompt hedge fund short-covering – Reuters

LONDON, July 19 (Reuters) - Faltering oil prices, triggered by concern over a third wave of the novel coronavirus and increased confidence OPEC+ would boost production, gave portfolio managers a chance to book profits on tactical short positions.

Hedge funds and other money managers purchased the equivalent of 24 million barrels in the six most important petroleum futures and options contracts in the week to July 13.

(Chartbook: https://tmsnrt.rs/36MgxAw)