# Oil prices retrench on massive hedge fund sales: Kemp

> Portfolio managers sold petroleum at one of the fastest rates in a decade in the week to July 20, equivalent to 172 million barrels across the six most important futures and options contracts. The selling followed a surge in coronavirus cases and an OPEC+ agreement to boost output, which led managers to reassess the likelihood of further price increases.

- Date: 2021-07-26 · published 2021-07-26T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/46210-oil-prices-retrench-on-massive-hedge-fund-sales-kemp
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Heavy fund liquidation weighs on crude futures, which lowers diesel and energy costs for feed production and transport while signaling weaker energy-driven support for grain and oilseed complexes.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-retrench-massive-hedge-fund-sales-kemp-2021-07-26/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.