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Hedge Funds Raise Short Positions on U.S. Crude to Highest Level in Five Months
@business reported that hedge funds raised bearish positions on U.S. crude to the highest level in nearly five months. The increase follows expectations of higher Middle East supply linked to easing U.S.-Iran tensions. Bearish bets also grew in diesel markets.
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Hedge funds increased short bets on crude oil to the highest level in nearly five months, @business reported. The bets on U.S. crude reached the most since nearly five months ago on expectations that a preliminary peace deal between Washington and Tehran will boost Middle East oil flows through the Strait of Hormuz.
-Iran tensions, increased Iranian exports and smoother traffic through the Strait of Hormuz could pressure prices. Bearish positioning also rose in diesel markets as concerns over supply growth outweigh demand expectations.
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