Column: Oil prices stall as short-covering rally is completed – Reuters
- Date: 17-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Column: Oil prices stall as short-covering rally is completed – Reuters
LONDON, April 17 (Reuters) - Investors finished covering their short positions in petroleum last week, after Saudi Arabia and its allies in OPEC⁺ surprised traders by announcing an unexpected cut in their output target at the start of April.
Hedge funds and other money managers purchased the equivalent of 36 million barrels in the six most important petroleum futures and options contracts over the seven days ending on April 11.
Purchases over the three most recent weeks totalled 225 million barrels, among the largest increases over any three-week period in the last decade.
Select Sector 
Select Country 
