Skip to content
Subscriber Only

Oil's Bull Run Wavers as Investors Wait to See What 2018 Holds

  • Hedge funds lower wagers on rising Brent crude from record
  • WTI net-long position whittles down for third straight week
The famous bull sculpture stands near Wall Street in New York, U.S., on Friday, Feb. 12, 2016.
Photographer: Michael Nagle
Updated on

Oil’s bull run is grinding to a halt.

Hedge funds lowered their bets on Brent crude after they rose to a record a week earlier. And the net-bullish position on West Texas Intermediate, which hit a nine-month high last month, dwindled for a third straight week. The message: After a months-long build-up, investors are wavering, concerned U.S. crude will continue to boom in 2018, undercutting OPEC’s push to drain a global glut.