Chinese Hedge Funds Are Betting Big On An Oil Price Recovery

Little-known Chinese hedge funds are betting big on an oil price recovery on the Shanghai-traded yuan-denominated oil futures and are set to fill up all available storage for delivery of those futures by the end of next month, industry sources told Reuters on Monday.   The financial investors—hedge funds backed by rich individuals—are dubbed ‘hermit’ investors by a state oil official, who spoke to Reuters. According to the Reuters’ sources, those investors have been betting on rising oil prices since early April,…