Investors turned more bearish on oil last week than ever
The HinduInvestors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations. Negative sentiment swept oil markets so strongly that short positions on Brent crude overtook long positions for the first time, data from the Intercontinental Exchange showed on Friday. “This historic speculative selling pressure prompted a more than $10/bbl collapse in crude prices between late-August and this past Tuesday,” Commodity Context analyst Rory Johnston wrote. Money managers increased short bets on U.S. ultra-low sulfur diesel futures by more than 12,000 contracts to 65,084 contracts in the week to Sept. 10, data from the Commodity Futures Trading Commission showed.