With oil industry in crisis, hedge funds sense turning point

This translation has been automatically generated and has not been verified for accuracy.Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.

Portfolio managers added long positions mostly in crude with new longs initiated in NYMEX and ICE WTI and to a lesser extent Brent . Extreme high prices in 2008, 2011 and 2018, and extreme lows in 1986, 1998 and 2008, lasted briefly in each case, usually just a few weeks or a couple of months. Senior U.S. government officials had been in contact with their Russian and Saudi counterparts to push for output cuts while the administration was also meeting representatives of the U.S. oil industry.

And in the second half of last week, in the inevitable recoil, Brent prices surged more than $11 per barrel as U.S. political pressure pushed Russia and Saudi Arabia towards talks to end their volume war.

globeinvestor Oil for now is the backbone of civilized society. There are no alternatives. The question for Canada is self sufficiency or reliance. Producing our own oil or being at the mercy of Saudi Arabia or USA. Please stop pretending there is an alternative - there is not.

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