Column: OPEC+ surprise squeezed oil shorts – Reuters

Column: OPEC+ surprise squeezed oil shorts – Reuters

LONDON, April 11 (Reuters) - Investors bought petroleum futures and options at the fastest rate for more than three years after Saudi Arabia and other OPEC+ producer group members announced voluntary cuts in oil output.

Hedge funds and other money managers bought the equivalent of 128 million barrels in the six most important petroleum futures and options contracts over the seven days to April 4.

The buying came as OPEC+ announced cuts totalling more than 1 million barrels per day on April 2 and after fund managers had already purchased 61 million barrels the previous week.