Hedge funds reduced their bets on rising West Texas Intermediate crude prices by the most in almost nine months as U.S. inventories climbed and concern eased that sanctions against Russia will disrupt oil supplies.
Money managers cut net-long positions by 25,775 futures and options combined in the week ended March 18, U.S. Commodity Futures Trading Commission data show. It was the biggest drop since June. Long positions slumped 6.6 percent after reaching a record earlier in the month. Shorts increased 7.6 percent.