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Oil Steadies After Fund Exit Triggers Fifth Weekly Decline

  • Money managers trim bullish WTI bets to lowest in 10 months
  • Rigs targeting crude in U.S. gain for a 23rd straight week
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Oil Slips Into Bear Market

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Oil steadied after a sell-off among hedge funds triggered crude’s fifth straight weekly loss amid concerns a stubborn global surplus isn’t going away any time soon.

Prices rose 0.9 percent in New York. Speculators cut their net-long position in U.S. benchmark futures to the lowest in 10 months last week, and in North Sea Brent to the lowest since January 2016, exchange data showed. JPMorgan Chase & Co. cut its price forecasts as inventories remain plentiful.