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Bullish Crude Bets Cut by Most Ever as Price Falls Below $50

  • Money managers’ WTI net-long position slips to three-month low
  • Wagers on a further price drop double as U.S. output mounts
Bloomberg business news

Market Strategist Sees Lack of Upside in Oil Prices

Updated on

The exodus of oil-price optimists has begun.

Money managers cut bets on rising West Texas Intermediate crude by a record amount during the week ended March 14, while wagers on a further price drop doubled as oil remained below $50 a barrel. Hedge funds also cut bullish bets in Brent oil during the same period.