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Hedge Funds Bail Just Before OPEC-Driven Oil Rally Vanishes

Money managers least bullish on WTI crude in five months
Longs fell, shorts surged just before oil took near 5% tumble

Bloomberg business news — Russia Supports Extending OPEC Cuts Beyond 2017

By

Jessica Summers

May 7, 2017, 11:01 PM UTCUpdated onMay 8, 2017, 7:15 PM UTC

Hedge funds jumped out of the oil market just in time.

Before West Texas Intermediate crude nosedived on Thursday, wiping out the rally driven by OPEC’s deal, money managers slashed bets on rising prices by 20 percent, according to U.S. Commodity Futures Trading Commission data. Now they may soon be well poised to start betting on the next rally.