04 Oct, 23

Why Institutional Traders Started Selling Oil And Fuel Futures

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Institutional traders in oil and fuels became net sellers after weeks of buying crude and fuel futures as higher oil prices triggered a rush to take profit. Reuters’ market analyst John Kemp reported in his latest column that funds and other large oil traders had sold the equivalent of 25 million barrels of oil and fuel futures in the week to September 26 after buying a cumulative 155 million barrels in the prior three weeks. The selloff came as both Brent and West Texas Intermediate hovered above $90 per barrel thanks to the supply squeeze from…

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