Oil Bounces Back After Hedge Fund Selling Spree

Hedge funds have already left behind the attacks on Saudi oil infrastructure in mid-September and have been net sellers of petroleum futures in the past two weeks as gloomy outlooks on the global economy took center stage in the oil market. Money managers sold the equivalent of 64 million barrels of WTI Crude another 17 million barrels of Brent Crude futures positions in the most recent reporting week to October 1, according to data from regulators and exchanges compiled by Reuters market analyst John Kemp. The hedge funds’ overall net long…