Hedge funds cut bullish U.S. crude bets for second straight week

6 May 2017   Prices

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Hedge funds cut bullish bets on U.S. crude for the second straight week, data showed on Friday, as the price of oil fell on rising output in the United States, Canada and Libya as well as weak compliance on a deal between OPEC and other producing countries to cut output. The speculator group cut its combined futures and options position in New York and London by 60,882 contracts to 224,058 during the week to May 2, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. Money managers slashed gross long positions in New York Mercantile Exchange crude oil to the lowest since early November. “As the net long position shrinks, the potential for a fresh cycle of buying expands,” Tim Evans, energy futures specialist at CitiFutures said in a note. U.S. oil futures on the […]

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