Hedge Funds Play It Safe Ahead of Make-or-Break Week for Oil
- Money managers cut bets on falling prices to lowest in a month
- Moving ‘to the sidelines’ ahead of potential OPEC supply cuts
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Investors played it safe on U.S. crude ahead of a make-or-break week for oil markets.
Money managers cut total positions on West Texas Intermediate crude to the lowest level in five years, according to U.S. data released Friday. They shed bearish bets faster than bullish ones, leaving the net-long position higher for the first time in 12 weeks.