Oil Speculators Raise Bets on Falling Prices to All-Time High
- Hedge funds increased short bets 15% in week to Jan. 12: CFTC
- Crude drops to lowest since 2003 as Iran ready to ship more
Oil's Year Ahead: Production Decline, Dividend Cuts
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Hedge funds increased bearish oil wagers to a record as global equities fell and Iran was poised to add to the crude supply glut.
Oil dropped below $30 a barrel in New York for the first time in 12 years on Jan. 12 amid concern that turmoil in China’s markets will curb fuel demand. Prices dropped further as the week progressed on signs that sanctions against Iran would be lifted, allowing a boost in crude shipments from OPEC’s fifth-biggest member. The restrictions were removed on Jan. 16.