Fund oil buying resumes as global manufacturing surges: Kemp

Fund oil buying resumes as global manufacturing surges: Kemp

Purchases over the three most recent weeks have totalled 63 million barrels, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

Portfolio managers have reversed about half of their net sales in late March and early April, when there were concerns about frothy oil prices and resurgent coronavirus cases.

The buying is accelerating, albeit gradually, suggesting traders are growing more confident that global economic activity or petroleum consumption will not suffer a relapse despite new waves of coronavirus infections in some countries.