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Hedge funds greet 2016 by cutting bullish oil bets to 5-year low

Concern deepened over the ruling Communist Party's ability to manage an economic slowdown. China probably consumed 11.3 million barrels a day of oil last year, 12 per cent of the global total, according to the International Energy Agency.

New York

MONEY managers began the new year by reducing wagers on rising oil prices to the lowest level in more than five years.

Oil tumbled in the first days of 2016 as a global glut outweighed an increase in tension between Saudi Arabia and Iran. The decline accelerated as turmoil