Hedge funds, money managers cut bullish bets on US crude
New York
HEDGE funds and money managers cut bullish wagers on US crude oil for the first time in four weeks, data showed on Friday, as prices dropped amid a surge in US inventories and an output cut by top producers showed little signs of alleviating a glut.
The speculator group cut its combined futures and options position in two major NYMEX and ICE markets by 27,112 contracts to 215,096 in the week to June 13, US Commodity Futures Trading Commission (CFTC) data showed.
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