OPEC Deal Extension Isn't Enough to Rope in Crude-Oil Bulls
- Money managers pulled back on short positions for second week
- Russian oil CEO sees shale playing global supply spoiler role
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The good news from OPEC wasn’t good enough.
Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50 a barrel amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators also fled bearish positions for a second week.