Hedge funds cut bullish oil wagers for the first time in three weeks as US employers added fewer jobs than forecast, spurring concern that an economic slowdown would curb demand.
Money managers reduced net-long positions by 5.1 per cent in the seven days ended July 10, according to the Commodity Futures Trading Commission’s Commitments of Traders report on July 13. Oil traders have trimmed wagers on rising prices by 53 per cent from a 2012 peak in the week ended February 28.
Oil has declined 12 per cent this year, trading as low as $86.58 a barrel today in New York as economic growth slowed in the US and Europe, dimming prospects for demand. The Labour Department reported on July 6 that US payrolls rose by 80,000, fewer than the 100,000 forecast by economists surveyed by Bloomberg. Crude began a three-day rally on July 11 as stockpiles fell more than estimated and the US stiffened sanctions against Iran.
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