Hedge Funds Surrender to Oil Rout as Bullish Bets Drop
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Hedge funds finally pulled back from bets on higher oil prices as the market faced its worst year since 2008.
Speculators reduced their net-long position in West Texas Intermediate crude for the first time in four weeks, cutting their holdings by 5 percent in the week ended Dec. 23, Commodity Futures Trading Commission data showed yesterday. Long wagers dropped the most since August.