Oil Approaching $40 Deepens Investor Pessimism on Recovery
- Hedge funds' short position grew 21% through Nov. 10: CFTC
- IEA sees `massive cushion' worldwide on record production
Power Struggle: How the Energy Market Could Shift in 2016
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Hedge funds have turned more pessimistic on oil as prices flirted with $40 a barrel for the first time since August.
“The speculators keep trying to pick the bottom and keep getting burned,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone.