Hedge funds and other money managers had barely started liquidating their record bullish position in crude oil futures and options before prices tumbled on March 8. The critical question is how much more of the position will need to be liquidated before the market stabilizes again. Hedge funds still held a net long position in the three major Brent and WTI futures and options contracts amounting to 874 million barrels at the close of business on March 7 ( tmsnrt.rs/2mRYP96 ). Fund managers had reduced their net position by 16 million barrels compared with the previous week and by a total of 77 million compared with the record of 951 million barrels set on Feb. 21. The net position has been trimmed in the two weeks ending […]