RPT-COLUMN-Saudi Arabia squeezes hedge funds with bearish bets on oil: Kemp

(Repeats with no changes. John Kemp is a Reuters market
analyst. The views expressed are his own)

* Chart 1: tmsnrt.rs/2dFmMOP

* Chart 2: tmsnrt.rs/2dJwBbh

By John Kemp

LONDON, Oct 10 Saudi Arabia successfully
confounded hedge funds with bearish views on oil by reaching an
unexpected production deal with OPEC members in Algiers on Sept.
28, sending prices soaring in a short-covering rally.

Hedge funds and other money managers increased their net
long position in the three main Brent and WTI futures and
options contracts by a record 142 million barrels over the seven
days ending on Oct. 4 (tmsnrt.rs/2dFmMOP).

Hedge funds’ net position surged from 471 million barrels on
the eve of the OPEC meeting to 612 million barrels seven days
later (tmsnrt.rs/2dJwBbh).

Short positions were cut by 69 million barrels while an
extra 73 million of long positions were added,…

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