For the first time in recorded data, hedge funds have turned net bearish on Brent crude, indicating a significant shift in market sentiment amid fears of oversupply.
Concerns about an imminent oversupply of crude oil next year have prompted investors to adjust their positions, particularly as key demand from major consumers like China and the US shows signs of weakening.
The bearish sentiment affected refined products as well, with money managers holding their most bearish positions on diesel in almost nine years, reflecting broader industry concerns.
As bearish bets surged in an already crowded trade, a subsequent unwinding of those positions caused a slight recovery in oil prices, despite a general downward trend.
[
Collection
]
[
|
...
]