Hedge funds increased their bullish positioning in oil last week, reversing a bearish move the week before, but the minimal changes serve to confirm the market’s lack of direction since the start of June. {image} The equivalent of 26 million barrels were purchased by hedge funds and other money managers in the six most important futures and options contracts in the week to June 23, after selling 16 million barrels the previous week. Portfolio managers hold a position of 626 million barrels, up from only 282 million when the volume war was raging in late March and major economies were entering lockdown. But that ... (full story)