Hedge funds ditched energy stocks last week for the first time in three weeks, despite a rally in oil prices triggered by the prospect of a widening supply deficit, Goldman Sachs said in a report.
Goldman Sachs, as one of the biggest providers of lending and trading services to investors through its prime brokerage unit, is able to track hedge funds’ investment trends. Earlier this month, Saudi Arabia and Russia extended a combined 1.3 million barrels per day of supply cuts to the end of the year, spurring predictions that benchmark Brent crude prices could surpass $100 a barrel this year.
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