Oil Drillers Adding Hedges as Crude Closes In on $50 a Barrel
- Producers and merchants push WTI shorts to 4 1/2-year high
- Energy companies tagged along on price rally, analyst says
Oil Advances as Goldman Forecasts a Deficit
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Oil producers are taking advantage of the rebound in crude markets to lock in protection against another slump.
They increased their bets on falling prices to the highest level in 4 1/2 years as U.S. inventories of stored oil remained near an 87-year high, while a natural disaster in Canada and militant attacks in Africa curtailed output. Negative sentiment among the group expanded for a third consecutive week, the longest streak since February.