Hedge funds sell energy stocks before Middle East conflict – Goldman

Global hedge fund managers were selling U.S. stocks sensitive to commodities at an accelerated pace in the week ending October 6, according to a Goldman Sachs note to clients, just before the price of oil jumped more than $3 a barrel on Monday. The surge in oil prices followed the largest military assault on Israel in decades, with hundreds dead and several abducted. The jump in the price of crude on Monday reversed last week's downtrend – the largest weekly decline since March – in which Brent fell about 11% and WTI retreated more than 8% amid concern about high interest rates and their impact on global demand.