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Oil Short-Selling Surges as Global Demand Outlook Deteriorates

  • Bearish bets against WTI jump 46%, most since August: CFTC
  • Futures in New York are down more than 20% since late April
'Bomb Train' Terminal Suits Seen Slowing U.S. Oil Independence

Photographer: David Paul Morris/Bloomberg

Updated on

Oil skeptics are gaining ground fast as the outlook for global demand worsens.

Hedge funds boosted their bets by 46% that West Texas Intermediate crude will fall, the biggest increase since August, according to U.S. Commodity Futures Trading Commission data for the week ended June 11. The balance between bullish and bearish wagers was the most pessimistic since February.