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Hedge funds dump crude oil as Iran deal may prolong glut

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Published Mon, Jul 20, 2015 · 09:50 PM

    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 ended July 14, US Commodity Futures Trading Commission (CFTC) data shows. Longs dropped 7.9 per cent and short wagers rose 4.2 per cent.

    Hedge funds

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