Oil Speculators Can't Dump Rally Bets Fast Enough Amid Glut
- Money managers’ WTI net-longs tumble to lowest since November
- Brent last week dropped below $50 for the first time this year
OPEC, Allies Voice Support to Extend Oil Cuts
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The bullish sentiment following OPEC’s deal is almost all gone.
Hedge funds haven’t been so skeptical on rising West Texas Intermediate crude prices since Nov. 29, the day before the cartel agreed to cut output, according to U.S. Commodity Futures Trading Commission data. Their net-long position, or the difference between bets on a price increase and wagers on a decline, has dropped 37 percent from a record touched last month as American crude production climbed, sending inventories to an all-time high.