Hedge Funds Cut Oil Bets After Worst Drop Since 2008
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Hedge funds reduced bets on rising oil prices for a second week as futures extended their worst plunge since 2008.
Speculators pared their net-long position in West Texas Intermediate crude by 3.6 percent in the week ended Dec. 30, U.S. Commodity Futures Trading Commission data show. Short wagers jumped 12 percent, the first gain in six weeks.