Hedge fund managers started to take some profits after the strong rally in crude oil prices, even before details emerged last week of output increases from Saudi Arabia and sanctions waivers by the United States. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 19 million barrels to 1.081 billion barrels in the week to Oct. 2. Portfolio managers cut their net long position in NYMEX and ICE WTI by 13 million barrels to the lowest level for almost a year, according to exchange and regulatory records ( tmsnrt.rs/2Pmbr3E ). More significantly, funds cut their net long position in ICE Brent by 14 million barrels, the first reduction […]