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Hedge funds surrender to crude oil rout
Published Thu, Jan 1, 2015 · 09:50 PM
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New York
HEDGE funds finally pulled back from bets on higher oil prices as the market faces its worst year since 2008.
Speculators reduced their net long position in West Texas Intermediate (WTI) crude for the first time in four weeks, cutting their holdings by 5 per cent in the week ended Dec 23, Commodity Futures Trading Commission (CFTC) data showed on Tuesday. Long wagers dropped the most since August.
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