Peter Voser, head of Shell, said in March that he had given up predicting oil prices. But hedge fund managers seem convinced it has peaked, after cutting positions in the black stuff by $15bn since March.

Hedge funds held positions in crude oil worth $30bn on March 6, when Nymex crude oil prices hovered around $107 a barrel. According to data from Societe Generale's global asset allocation team, hedge funds have since reduced net positions by 40%. Oil prices have also fallen to $93.81 a barrel, with hedge funds now holding a net $15bn in the commodity.