Money managers put an end to weeks of sell-offs in the most traded petroleum contracts last week, signaling that the oil price correction seen in August may have run its course. Last month, oil prices registered their first monthly loss since March, and the biggest such loss since October 2020, with both WTI and Brent benchmarks dipping more than 7 percent in August.
Concerns about the pace of global oil demand amid surging COVID cases depressed the oil market. Hints that the Fed would start tapering the asset-buying program have…Why Hedge Funds Are Turning Bullish On Oil Again
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