Bets on OPEC Rally Are Gone and That May Be Good for Crude
- WTI crude net-longs tumble a third week as shorts surge: CFTC
- U.S. oil supplies have fallen five weeks since reaching record
CNPC's Wang Sees Oil at $50 in 2017
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Hedge funds have undone all their wagers on an OPEC-driven oil rally, and that could be good for prices.
Bets on West Texas Intermediate futures have all gone back to where they were before OPEC agreed to cut output, data from the U.S. Commodity Futures Trading Commission show. The silver lining is that this is how money managers lay the groundwork for a rebound, and the steady drop in U.S. supplies may be just the fodder optimists needed to start anew.