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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.

New York

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

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