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Oil speculators focused on glut miss surge as bombs hit Yemen

Soldiers and Houthi fighters inspecting the damage caused by air strikes on the airport of Yemen's north-western city of Saada, a Houthi stronghold near the Saudi border.

New York

SPECULATORS were the least bullish on crude in two years before prices surged as Saudi Arabia and its allies bombed rebels in Yemen, threatening supply disruptions in the largest oil-producing region.

Hedge funds and other money managers cut their net-long position in West