Good News Can't Stop Oil's Bad Mood as Short-Sellers Rule
- Net-long position rises, but mostly due to decline in shorts
- ‘Sentiment still seems extremely bearish’: Citigroup’s Evans
Oil Sees Weekly Decline as U.S. Output Rises
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Even good news can do little to dispel the prevailing pessimism in the oil market.
Hedge funds paused a swift increase last month in wagers on declining West Texas Intermediate crude prices. But there was little conviction behind a price rise, as futures shook off a report of declining U.S. stockpiles to finish last week 3.9 percent lower.