Oil Skeptics Exit as Market Dispels Gloom to Flirt With $50

31 Jul 2017   Prices

Short positions tumbled for a fourth week, CFTC data show Net-long position on WTI most bullish in three months Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter. As pessimism over oil dissipates and investors flirt with $50 a barrel again, short-sellers are getting out of the way. Hedge funds are the most upbeat about West Texas Intermediate crude in three months after bets on declining prices shrank. Meanwhile, signs that the shale boom is slowing and the market is moving closer to balance set the mood for futures to jump 8.6 percent last week. “People started to feel they were getting close to the bottom and it was time to close out,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone. While there had been questions on whether the market is rebalancing, “people are starting […]

Comments are closed.