Most of them are getting help from friends who live nearby while others opt to grab a meal at eateries so they could also charge their phones
The drop extended Brent crude’s largest one-day drop in 2013 on Wednesday, alongside declines in other commodities and equities. Rumours that a hedge fund was liquidating positions also had helped pressure prices, although there was no evidence of liquidation by any specific fund.
Brent crude fell as low as $114.30, the lowest intra-day price since January 31, and as of 1022GMT was down 92 cents at $114.68 a barrel. US crude slipped $1.06 to $94.16.
“We have reached a price level where demand destruction is to be expected and government intervention feared,” said Olivier Jakob, an analyst at Petromatrix. “Brent had been losing its positive momentum, and yesterday’s move is an acceleration of that.”
Since mid-December, hedge funds and other large speculators have nearly doubled their bets that oil prices will rise, amassing positions in Brent and US crude futures and options equivalent to around 440 million barrels of oil, regulatory and exchange data show.
The price of Brent rose by $10 a barrel in the first six weeks of 2013 to hit a nine-month high above $119 on February 8 as signs of strong demand from China and lower Saudi supply raised expectations of a tighter market.
“Brent was overbought amid overwhelming investor interest, an increased geopolitical premium and bullish macro sentiment, while short-term fundamentals simply do not justify sustained gains past $120,” said Andrey Kryuchenkov, an analyst at VTB Capital in London.
Most of them are getting help from friends who live nearby while others opt to grab a meal at eateries so they could also charge their phones
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Hedge funds and other money managers sold the equivalent of 23 million barrels