Oil companies’ grim outlook weigh on investors’ sentiment
By Bloomberg | 4August 2015
NEW YORK: The world’s biggest oil companies are painting a grim picture of the future and speculators are listening. Hedge funds reduced bullish bets to the lowest level in five years as oil capped the worst month since the financial crisis. The net-long position in West Texas Intermediate contracted 7 percent in the seven days ended July 28, US Commodity Futures Trading Commission data show.
Speculators curbed their bullish stance in Brent, the global benchmark, by the most in a year.
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