Oil Speculators Focused on Glut Miss Surge as Bombs Hit Yemen
Oil Comes Off Second Straight Week of Gains
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Speculators were the least bullish on crude in two years before prices surged as Saudi Arabia and its allies bombed rebels in Yemen, threatening supply disruptions in the largest oil-producing region.
Hedge funds and other money managers cut their net-long position in West Texas Intermediate crude by 3.8 percent in the seven days ended March 24, U.S. Commodity Futures Trading Commission data show. Futures jumped more than 8 percent in the next two days before dropping 5 percent on Friday as shipping groups said there were no disruptions for now.