Oil’s fall from grace last week started with hedge funds, and it may only get worse from here. Investors cut bullish wagers on West Texas Intermediate crude to a one month-low, according to U.S. Commodity Futures Trading Commission data, a move that came just prior to a market dive that sent prices below $50 a barrel for the first time since December. “This report is just the beginning,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The volume and breadth of the decline this week show that there was massive liquidation. Next week’s report will be the blockbuster.” Optimism about an agreement between the Organization of Petroleum Exporting Countries and some non-OPEC producers to cut output is fizzling as stockpiles continue to climb and U.S. drilling rigs are returning at the fastest rate since 2012. The slide in oil […]