All Eyes on Saudis as Oil Bulls Cut Bets to Lowest Since 2016
- WTI net-long bets slide 6.7%, with short-selling up 7.8%
- Bearish wagers on Brent rose for 11th week, a record streak
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Hedge funds aren’t buying into OPEC’s oil-production cuts just yet.
They slashed net wagers on a rally of West Texas Intermediate crude to the lowest in more than two years, while short-selling of Brent oil climbed for a record 11th week. Both benchmarks ended the week lower as the cartel’s efforts were overshadowed by concern about booming shale production and waning global demand. It’s mostly up to Saudi Arabia now to try to win investors over.