Brazil is considering its options to fight the recent heavy U.S. anti-dumping tariffs on it over cold-rolled steel imports. Hedge funds have turned bearish on oil, encompassing both crude and refined products.
Brazil Might Take Cold-Rolled Dumping Case to the WTO
Brazil will wait for the U.S. International Trade Commission to rule on a Department of Commerce anti-dumping determination on its cold-rolled steel before appealing to the World Trade Organization, a senior Brazilian official said on Monday.
The Commerce Department said last week that Brazilian cold-rolled steel was being subsidized by seven export promotion programs in Brazil and passed its anti-dumping determination to the ITC to rule whether there is injury to U.S. producers.
Hedge Funds Turn Bearish on Oil
Hedge funds have turned very bearish toward both crude oil and refined products over the last two months amid signs of an oversupply of gasoline.
Hedge funds and other money managers added the equivalent of 56 million barrels of extra short positions in the three main Brent Crude and West Texas Intermediate futures and options contracts in the week ending July 26.