Hedge funds sell oil as global economy deteriorates: Kemp

Hedge funds are becoming more pessimistic about the outlook for oil prices as tr...

FILE PHOTO: Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. REUTERS/StringerLONDON - Hedge funds are becoming more pessimistic about the outlook for oil prices as trade tensions between the United States and China remain unresolved and global economic growth grinds to a halt.

Fund managers sold a total of 26 million barrels in the six most important futures and options contracts in the week to Sept. 3, bringing total sales to 148 million barrels since mid-July . As a result, funds have cut their dynamic net long position to just 8 million barrels, down from a recent peak of 420 million in April, and the lowest since February.

Position changes in crude were a wash, with net purchases of Brent offset by net sales of NYMEX and ICE WTI .

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