Hedge funds cut long positions on oil just as prices rise
Drop in supply pushes prices to highest this year, but stockpiles still ample
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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.
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