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Crude Rises; Hedge Funds Slash Oil Bets

Bloomberg – Hedge funds slashed bullish oil bets from an all-time high on concern that demand in Japan will tumble after the country’s biggest earthquake. Oil climbed as allied air strikes in Libya threatened to prolong a supply outage in North Africa’s third-biggest producer and renewed concern escalating turmoil may disrupt Middle East exports.

Asia gasoil swaps extended gains to reach the highest since September 2008. Refiners’ losses from turning crude into fuel oil widened.

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