Oil bulls' retreat at the fastest pace in three years
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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.
