The oil price slide that prompted several weeks of oil contract selling among hedge funds could be coming to a close, according to the latest data on hedge fund oil buying and selling, as reported by Reuters’ John Kemp. News from the oil industry has also helped spark some optimism. Unfortunately, chances are this would only be temporary as the outlook for oil remains rather pessimistic. Sales of the six most popular oil contracts slowed down to 11 million barrels of oil equivalent during the last week of February, Kemp reported, noting that this was before another wave of concern about the spread of the Chinese coronavirus rattled the oil market. This week could see more sales, but the trend could be coming to an end as funds are now at their most bearish on oil in about three years. According to Kemp, this means “the balance of risks […]