Oil bears miss out as record US refinery demand drives rally

New York

OIL speculators missed out as record demand from US refineries helped trim supplies from their highest level in more than eight decades and drive prices higher.

Hedge funds and other money managers reduced their net-long position in West Texas Intermediate (WTI) crude by 7.1 per cent in the seven days ended May 19, the most in two months, US Commodity Futures Trading Commission (CFTC) data show. Short positions anticipating lower prices expanded by 30 per cent.