Oil Speculators Make `Easy' Bearish Call at 85-Year Supply High
- Money managers increase bearish wagers by most since July
- U.S. crude supplies have gained 5% in past four weeks
Bold Call: Barclays Thinks Oil Will Be at $85 in 2020
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Hedge funds placed the most bets on falling oil prices since July as rising piles of crude dashed hopes of a near-term recovery.
Money managers’ short position in West Texas Intermediate crude jumped by 18 percent in the week ended Oct. 20, the largest surge since July 21, according to data from the Commodity Futures Trading Commission. That pulled their net-long position down by more than 16,000 contracts of futures and options.