Oil glut: An oil well site near Tioga, North Dakota. The relative cost of options protecting against a drop in West Texas Intermediate crude has fallen to its lowest since August, thanks to a big drop in producer hedging. — AFP
NEW YORK: Oil bulls, take heart! US drillers have dramatically reduced their hedging activity, a move that could portend a break in the production gains that have upended global crude prices.
The relative cost of options protecting against a drop in West Texas Intermediate crude has fallen to its lowest since August, thanks to a big drop in producer hedging, Societe Generale SA said last Friday.
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