Hedge Funds Dump Crude Oil as Iran Deal Threatens Prolonged Glut
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Speculators cut bullish bets on oil to the lowest level since March because an agreement over Iran’s nuclear program threatens to prolong a global supply glut.
Money managers reduced their net-long position in West Texas Intermediate crude by 15 percent in the week ended July 14, U.S. Commodity Futures Trading Commission data show. Longs dropped 7.9 percent and short wagers rose 4.2 percent. Bullish bets on Brent crude rose.