Hedge funds cut long positions on oil just as prices rise

New York

SPECULATORS cut their bullish position on oil for the first time in five weeks, just as a drop in supply at the biggest US hub propelled prices to the highest this year.

Hedge funds reduced their net-long position on West Texas Intermediate crude by 3.5 per cent in the seven days ended April 28, US Commodity Futures Trading Commission data show. Short holdings rose from a four-month low and long wagers contracted for the first time since March.

Inventories at Cushing, Oklahoma, the delive…