Oil Speculators Bet Wrong as Rebound Proves Fleeting
This article is for subscribers only.
Hedge funds rushed back into oil too quickly, boosting bullish bets amid a rebound last week, only to then watch surging U.S. crude supplies push prices right back down to a two-year low.
The net-long positions in West Texas Intermediate futures rose 5.7 percent in the seven days ended Oct. 21, U.S. Commodity Futures Trading Commission data show. Short bets shrank 20 percent, the most in three months, while longs dropped 2.8 percent.