OPEC Division Spurs Hedge Funds to Trim Bullish Oil Bets
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Hedge funds turned less bullish on crude oil as OPEC failed to signal it will act to halt the collapse that drove prices to a four-year low.
Money managers reduced net-long positions in West Texas Intermediate by 4.1 percent in the week ended Nov. 18, U.S. Commodity Futures Trading Commission data show. Long positions sank to an 18-month low. Outstanding futures contracts dwindled to the lowest level in more than two years.