Oil Short-Selling Jumps as Sputtering Trade Talks Darken Outlook
- Bearish bets on U.S. crude climb 39%, the most since August
- Trump tweets, U.S. drilling surge erode faith in crude rally
A pumpjack operates on an oil well in the Permian Basin near Orla, Texas.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Pessimism is back in vogue in the oil markets, as investors bet sputtering trade talks and swelling U.S. output can kill crude’s rally.
Hedge funds lifted bearish bets on West Texas Intermediate crude by 39%, the biggest short-selling surge in more than eight months. Meanwhile, bets on a rally retreated for the second straight week.