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Hedge funds cut bullish oil bets to 3-month low

Financial Post – Hedge funds reduced bullish oil bets to the lowest level in almost three months as futures declined and U.S. crude stockpiles increased.

Money managers slashed wagers on rising prices for the fourth time in five weeks, cutting net-long positions by 17 percent in the seven days ended Oct. 23, the Commodity Futures Trading Commission’s Commitments of Traders report on Oct. 26 showed. It was the least since the week ended July 31.

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