Oil Short-Sellers Retreat But Demand Concerns Continue to Reign
- Wagers on WTI price drop shrink for first time in six weeks
- Net-bullish bets rise 12% for biggest gain since August
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Hedge funds unwound bets against American crude for the first time in six weeks, just before the market took heart from signs of strength in the U.S. and Chinese economies.
The move was timid, though, in the face of a recent buildup of bearish positions. Short wagers on West Texas Intermediate crude fell 11% in in the week ended Oct. 29, but remain almost triple what they were in mid-September, data released Friday show.