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Hedge Fund Bullish Oil Wagers Drop as Fuel Supply Gains: Energy

Bloomberg – Hedge funds became less bullish on crude oil for the first time in six weeks as U.S. inventories of fuel expanded at a time of weakening demand.

Money managers cut net-long positions, or wagers on rising prices, for benchmark West Texas Intermediate crude by 8.6 percent in the week ended Jan. 7, U.S. Commodity Futures Trading Commission data show. It was the biggest decline since June. Short positions gained the most since April.

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