Money managers continue to take profits on oil futures and options contracts after crude prices hit multi-year highs in early July. Hedge funds and other portfolio managers were net buyers of the most traded petroleum contracts in the latest reporting week, but most of the purchases consisted of buying back to close out short positions at a profit. Overall, money managers bought the equivalent of 24 million barrels worth of petroleum contracts in the week to July 13, according to estimates of Reuters market analyst John Kemp,…
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