Investors sold petroleum futures and options in the most recent week at the fastest rate for a year as the war risk premium continued to evaporate and the anticipated strong recovery in consumption receded.
Hedge funds and other money managers sold the equivalent of 143 million barrels in the six most important petroleum-related derivatives contracts over the seven days ending on May 7.
Fund managers have sold petroleum derivatives in each of the last four weeks reducing their combined position by a total of 265 million barrels since April 9.
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