Hedge funds are throwing all their chips on the table and wagering that oil prices will continues to fall.
Money managers recently increased bets that crude prices will decline to record levels, and futures have fallen to the lowest level in over three months, Bloomberg reports. Plus the supply speed isn’t helping—US crude inventories rose for the second week in a row as imports continue to come in at the fastest pace in four years.
On top of oversupply issues, seasonal weaknesses are about to drop prices further—seasonal refinery maintenance will curb crude demand, according to Scott Roberts, co-head of high yield investments, who manages $2.7B at Invesco Advisers. [Bloomberg]
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