Oil bulls' retreat at the fastest pace in three years

New York

SPECULATORS' conviction that oil will rally weakened at the fastest pace in three years, just before futures tumbled into a bear market.

The net-long position in West Texas Intermediate contracted 28 per cent in the seven days ended July 21, US Commodity Futures Trading Commission data show. Long positions dropped to a two-year low while short holdings climbed 25 per cent.