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Oil market prices go against ETF bulls

Contango in the market makes it difficult for oil fund investments to pay off even if prices actually rebound

OIL SUPPLY IN OVERDRIVE: Oil market players believe the fundamentals of supply, demand and storage point to contango persisting in 2015.

New York

THE US$2.3 billion that has poured into funds that track oil since December would seem like a logical enough investment. After crude dropped more than 50 per cent to a five-year low, the thinking goes, prices are due for a rebound.

There's just one problem. And it's a big