68336
Bullish Oil Funds Profits Drop
Bullish Oil Funds Profits Drop

Bullish Oil Funds Profits Drop

Bullish Oil Funds Profits Drop

Many of last year’s successful oil market bulls have seen their winnings dissolve in the first half of this year, as the crude price has wallowed below $50 a barrel despite output cuts by some of the world’s largest producers, Reuters reported. Three of the top five worst-performing hedge funds in the first half of the year, specialize in trading oil, directly or indirectly, according to a list compiled by HSBC. Two of those had led the performance charts in 2016. The oil market has been struggling to absorb a surplus of unused crude but when the Organization of the Petroleum Exporting Countries and 11 partners agreed late last year to cut output for the first time in eight years, bulls pushed the price up to a one-year high above $50 a barrel. But as this year has worn on, OPEC’s failure to erase a multi-million-barrel overhang and shale oil’s dominance have become apparent, stripping 15% off the crude price.

 

Short URL : https://goo.gl/BCLS9X
  1. https://goo.gl/76C24v
  • https://goo.gl/ppSA72
  • https://goo.gl/pqjpFP
  • https://goo.gl/hsHpju
  • https://goo.gl/EgpgJx

You can also read ...

China is likely to develop a major overcapacity in production of industrial robots. This will tend to result in building too many factories, and that in turn means price-dumping on global markets.
The Chinese government has adopted a 'Made in China 2025'...
The Trump administration has expressed interest in combating America’s trade deficit with individual countries like China and Mexico.
As the nation was reeling from the racially charged violence...
China mainland stocks enjoyed some of  the steepest gains.
Emerging stocks and some currencies ended the week on a sour...
Brazil Showing Signs of Recovery
Economic activity in Brazil expanded at a faster pace than...
Consumer confidence in Singapore has picked up.
Singapore residents were significantly more optimistic about...
Turkey Growth 3rd in G20
Turkey has occupied the third rank among the 20 major...
Goldman Sachs Loses $100m
A sour bet on the direction of natural gas prices contributed...
Fitch Upgrades Greece Debt
Credit rating agency Fitch on Friday upgraded Greece’s debt by...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus