Hedge Funds Curb Bets on Oil Rally Just Before Price Nears $70
- Total WTI positioning slides to the lowest level since January
- Crude futures jumped to only three pennies short of key level
Oil Price Increase a 'Nuisance' Not a Big Change, Says Strategist
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Money managers curbed their enthusiasm for oil just before the U.S. benchmark price surged to almost $70 a barrel.
Total wagers on West Texas Intermediate crude slid to the lowest since early January, with bets that it will rise shrinking for a second week. That was days before Iran accused President Donald Trump of “bullying,” while the U.S. signaled it’s preparing to pull out of a nuclear accord that’s allowed OPEC’s third-largest producer to export more crude.