Portfolio managers sold petroleum last week at one of the fastest rates for a decade, after an upsurge in coronavirus cases and an OPEC+ agreement to boost output caused them to reassess the likelihood of further price increases. Hedge funds and other money managers sold the equivalent of 172 million barrels in the six most important futures and options contracts in the week to July 20, the fastest rate since July 2018. (Chartbook: https://tmsnrt.rs/3iL9lu8 ) The sales volume was the sixth highest out of more than 430 weeks since early 2013, according to records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission. In the most recent week, funds sold NYMEX and ICE WTI […]