Hedge funds bet on renewed oil decline below $50 a barrel

Hedge funds bet on renewed oil decline below $50 a barrel:

"Hedge funds are unwinding a near billion-barrel speculative oil position at a record pace, slashing bets on rising prices and adding to wagers that the market could suffer a renewed slump below $50 a barrel. In the latest week funds reduced their net-long position — the difference between bets on rising and falling prices — by a combined 153m barrels across the two benchmark oil contracts, the biggest one week cut on record and the equivalent of selling almost two days of global crude demand. Oil slumped to a three-month low last week, with doubts rising about Opec’s ability to reduce a supply glut that has roiled the market since mid-2014."



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