Oil Bulls Exit Before Market Dive on Swollen U.S. Stockpiles
- Money managers’ WTI net-long position falls to one-month low
- WTI last week dropped below $50 for the first time this year
Optimism Over OPEC Production Cuts Is Fading
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Oil’s fall from grace last week started with hedge funds, and it may only get worse from here.
Investors cut bullish wagers on West Texas Intermediate crude to a one month-low, according to U.S. Commodity Futures Trading Commission data, a move that came just prior to a market dive that sent prices below $50 a barrel for the first time since December.