Oil bears miss out as record US refinery demand drives rally
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
New York
OIL speculators missed out as record demand from US refineries helped trim supplies from their highest level in more than eight decades and drive prices higher.
Hedge funds and other money managers reduced their net-long position in West Texas Intermediate (WTI) crude by 7.1 per cent in the seven days ended May 19, the most in two months, US Commodity Futures Trading Commission (CFTC) data show. Short positions anticipating lower prices expanded by 30 per cent.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
