Oil Bear Market Attracts Record Bets on Further Price Slide
- U.S. crude supply rose, imports surged to highest since 2012
- Astenbeck’s Hall sees oil poised for ‘violent reversal’ higher
Iran Opens Its Oil Sector
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Hedge funds have gone all-in on lower oil prices, counting on seasonal weakness to play out again this year.
Money managers increased wagers on declining crude prices to a record as futures dropped to the lowest in more than three months. U.S. crude inventories climbed for a second week as imports arrived at the fastest pace since 2012. The supply gain comes on the cusp of seasonal refinery maintenance that will curb crude demand. Futures have declined in each of the past five Septembers.