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Bullish Oil Funds Lead Hedge Fund Losers at Half-Year Mark

(Reuters) Many of last year’s most successful oil market bulls have seen their winnings dissolve in the first half of this year, as the crude price has wallowed below $50 a barrel despite output cuts by some of the world’s largest producers. Three of the top five worst-performing hedge funds in the first half of the year specialize in trading oil, directly or indirectly, according to a list compiled by HSBC. Two of those had led the performance charts in 2016.

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