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Hedge Funds Cut Bullish Bets on U.S. Crude to July Lows

October 26, 2015 : Permanent Link

(Reuters) Hedge funds cut their bullish wagers on U.S. oil by the most since July this week, trade data showed on Friday, after a tumble in gasoline prices, slower growth in China and worries about an impending return in Iranian crude exports to the market. U.S. crude prices CLc1 fell almost 4 percent in the first two days of this week, prompting hedge funds and other big speculators to pare net longs by around 11 percent in the week to Tuesday, the data from the U.S. Commodity Futures Trading Commission showed. Net longs are bets that the price of oil will rise.

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