Investors continued to liquidate bullish long positions in petroleum last week as the economic outlook deteriorated though the rate of selling was much slower after heavy selling the week before. Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important futures and options contracts in the week to June 28, following on from sales of 71 million in the week to June 21. Most the recent adjustment has come from the liquidation of former bullish long positions as the outlook for the economy and oil consumption has darkened amid rising inflation and interest rates. Fear of more U.S. and EU sanctions on Russia’s petroleum exports has so […]