Hedge funds are most bearish on U.S. oil since 2010

(Reuters) – Hedge funds are more bearish about the outlook for U.S. oil prices than at any time for almost five years, according to data from the U.S. Commodity Futures Trading Commission.

Hedge funds and other money managers had a net long position in WTI-linked futures and options equivalent to just 118 million barrels of oil on July 21, down from a recent high of 294 million barrels 11 weeks earlier…

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