Oil Price Rise

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Oil Price Rise

posted on Nov 23, 2008 06:19AM

Crude Oil Traders Reposition for Price Rise, CFTC Data Shows

By Dan Stets

Nov. 21 (Bloomberg) -- Hedge-fund managers and other large speculators reversed from a net-short position to a net-long position in New York crude-oil futures in the week ended Nov. 18, according to U.S. Commodity Futures Trading Commission data.

Each Friday the CFTC publishes aggregate numbers for long and short positions for speculators such as hedge funds and institutional investors, as well as commercial companies that buy or sell futures to protect against price moves. Analysts and investors follow changes in speculators' positions because such transactions can reflect an expectation of a change in prices.

Last Updated: November 21, 2008 15:36 EST

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