Bullish Crude Bets Cut by Most Ever as Price Falls Below $50
- Money managers’ WTI net-long position slips to three-month low
- Wagers on a further price drop double as U.S. output mounts
Market Strategist Sees Lack of Upside in Oil Prices
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The exodus of oil-price optimists has begun.
Money managers cut bets on rising West Texas Intermediate crude by a record amount during the week ended March 14, while wagers on a further price drop doubled as oil remained below $50 a barrel. Hedge funds also cut bullish bets in Brent oil during the same period.