Oil attracts cautious buying from hedge funds

Investors are becoming less bearish about the outlook for gas prices in the United States as production growth slows. — Reuters

PORTFOLIO investors purchased petroleum in the first full week of 2024, reversing sales the previous week and continuing the pattern of choppy trading that has continued since early December.

Hedge funds and other money managers bought the equivalent of 54 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Jan 9.