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Hedge funds boost bearish bets on oil to 4-year high

No rebound seen amid growing US supplies and no change to Saudi Arabia's production policy

Production in the US will be slow to decline as improvements in drilling technology boost well output even as companies drill less. Oil production per rig from new wells in the Bakken in February will be double what it was three years ago, the EIA said on Jan 12.

New York

HEDGE funds boosted bearish wagers on oil to a four-year high as US supplies grew the most since 2001.

Money managers increased short positions in West Texas Intermediate (WTI) crude to the highest level since September 2010 in the week ended Jan 20, US Commodity Futures