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Hedge funds dump crude oil as Iran deal may prolong glut

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Demand for Opec's crude will climb next year by 900,000 barrels a day to average 30.1 million, according to the IEA, about 1.2 million less than the group estimated it pumped in June.

Houston

SPECULATORS cut bullish bets on oil to the lowest level since March because an agreement over Iran's nuclear programme threatens to prolong a global supply glut.

Money managers reduced their net-long position in West Texas Intermediate (WTI) crude by 15 per cent in the week