Net long positions on US crude climb to 2-month high

New York

SPECULATORS added to wagers that the slump in oil futures, the worst since the global recession, is ending. Prices kept falling anyway.

Money managers raised their net-long position in US crude to the highest in two months in the week ended Dec 9, US government data show. Most of the change came from short holdings contracting to the lowest level since August.

Oil fell to a five-year low last week after Opec (Organization of the Petroleum Exporting Countries) producers including Kuwait and Iraq reduced prices and the International Energy Agency (IEA) cut its estimate for global demand for the fourth time in five months. Saudi Oil Minister Ali Al-Naimi indicated he won't trim supply, reiterating Opec's…