Bullish Oil Bets Sink to 5-Year Low as Futures Flirt With $40
High Supply, Low Demand and Long-Term Cheap Oil
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It’s pretty lonely being an oil bull these days.
Hedge funds reduced their net-long position in West Texas Intermediate crude to a five-year low last week, days before prices fell below $40 for the first time since 2009. Citigroup Inc. said it could get worse, with the U.S. benchmark slumping to $32 on a persisting supply glut.