Hedge Funds Dump Oil After Middle East Tensions Ease

After the spike in oil prices in the first days of 2020 on the back of increased tension between the U.S. and Iran, money managers liquidated some of the long positions in WTI Crude in the week to January 14, as the Middle East scare subsided and portfolio managers turned their attention to fundamentals. According to the weekly reports from exchanges compiled by Reuters columnist John Kemp, money managers sold the equivalent of 64 million barrels of WTI Crude futures, and a total of 99 million barrels worth of the six most closely watched and traded…