Brent Speculation & the hard lesson: What we saw on June and what reuters wrote on 18 july

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Old-school traders of physical oil teach hedge funds a lesson 
LONDON, July 18 (Reuters) – A near 10 percent drop in international oil prices since last month has taught a painful lesson to many hedge funds and other speculators in energy futures: you can ignore physical markets for only so long.
Hedge funds piled into what seemed a one-way bet in early June, grabbing up oil contracts as the rapid advance of Islamist insurgents in northern Iraq threatened supplies from OPEC’s second-largest producer at the same time that peak summer demand was approaching.

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