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Oil Bulls Are Fleeing at the Fastest Pace in Three Years

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Oil Extends Drop in Bear Market

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Speculators’ conviction that oil will rally weakened at the fastest pace in three years, just before futures tumbled into a bear market.

The net-long position in West Texas Intermediate contracted 28 percent in the seven days ended July 21, U.S. Commodity Futures Trading Commission data show. Long positions dropped to a two-year low while short holdings climbed 25 percent.