Some U.S. fund managers risk long-term bets on tanking oil sector [Reuters]
Oasis Petroleum Inc. (OAS)
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Source: Reuters
Some U.S. fund managers risk long-term bets on tanking oil sector NEW YORK, April 21 (Reuters) - Some U.S. fund managers are attempting what seems like an impossible task: making bets on the stocks and bonds of energy companies at a time when oil futures have sunk to historic lows and a swelling global glut shows no sign of letting up. On Monday, traders holding the expiring front-month May contract for U.S. crude had to pay nearly $40 per barrel to unload oil as they scrambled to avoid having to take delivery. With supply looking like it will far exceed demand for weeks, oil contracts for June on Tuesday were at two-decade lows, with global benchmark Brent down 24%, to settle at $19.33 a barrel and U.S. crude for June down 43% to $11.57. The United States Oil Fund ETF was down more than 20% on Monday. Energy stocks in the S&P 500 are down nearly 45% for the year to date, more than triple the 15% decline in the broad index over the same time. Yet some fund managers with longer time ho
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