Good News Can’t Stop Oil’s Bad Mood as Short-Sellers Rule – Bloomberg

11 Jul 2017   Prices

Even good news can do little to dispel the prevailing pessimism in the oil market.  Hedge funds paused a swift increase last month in wagers on declining West Texas Intermediate crude prices. But there was little conviction behind a price rise, as futures shook off a report of declining U.S. stockpiles to finish last week 3.9 percent lower.   “Sentiment still seems extremely bearish,” Tim Evans, a Citigroup Global Markets analyst, said in a telephone interview Friday. “We’re responding to every bit of bearish news, but we’re ignoring or seeing a limited reaction to any bullish news.”

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