Hedge Funds Lose Faith in Oil Rally as OPEC Seen Boosting Supply
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Speculators are losing faith in the oil rally, judging that OPEC will keep increasing supply from the highest level since 2012.
Their net-long position in West Texas Intermediate crude dropped 2.1 percent, as long wagers fell the most in two months and short bets declined to the lowest since August, U.S. Commodity Futures Trading Commission data show. Funds also reduced their bullish bets on Brent, the European benchmark, for the first time in eight weeks.