Column: Oil investors ignore Saudi production cut – Reuters

Column: Oil investors ignore Saudi production cut – Reuters

LONDON, June 12 (Reuters) - Saudi Arabia's unilateral crude production cut of 1 million barrels per day for the month of July announced at the end of the OPEC+ meeting on June 4 had little immediate impact on investors’ positions in the oil market.

Investors have put more emphasis on the slowdown in the global economy, the faltering rebound in China after the country emerged from its zero-coronavirus policy, and the negative implications for consumption.

Hedge funds and other money managers purchased the equivalent of 28 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 6.