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Oil Bulls Lose Heart as Mega Producers Signal More Supplies

  • Money managers are least bullish on oil in nearly seven months
  • Total positioning on WTI at the lowest in almost a year
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Oil Mega Producers Signal More Supply Is Coming

Updated on

It’s tough to stay positive on crude when the world’s three oil superpowers are likely to increase production.

Hedge funds are the least bullish on rising West Texas Intermediate crude prices in almost seven months as American output keeps breaking records, while Saudi Arabia and Russia signal they’re getting ready to open the taps after more than a year of restraint. Together, the three countries deliver roughly a third of global supplies.