Hedge funds exit long positions as traders bet conflict is unlikely to spread to oil-rich states
Oil prices tumbled to the lowest in more than three months on Tuesday, reversing all gains made since Hamas attacked Israel on October 7, with hedge funds betting that the conflict will not draw in oil-rich neighbouring countries. Brent crude, the international benchmark, settled 4.2 per cent lower at $81.61 a barrel, dropping back to levels last seen in late July and more than wiping out the rally that began in early October. The US benchmark West Texas Intermediate fell 4.3 per cent to $77.
Traders were now “discounting possible escalation” in the Middle East and instead turning their attention to lacklustre economic data coming out of the US, Europe and China, said Helima Croft, head of commodity strategy at RBC Capital Markets. “Many of them got burnt” last year after overestimating the scale of disruption to oil supplies following Russia’s invasion of Ukraine, said Croft. “ they want to see that risk really materialise before they start pricing that in . . .
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