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17

Hedge Funds Resume Flight From Oil as Prices Sink to 6-Year Lows

By Tony Seruga

After showing some short-lived optimism, hedge funds resumed their retreat from the U.S.OIL MARKET, cutting bullish positions for the seventh time in eight weeks as prices dropped to the lowest since 2009.

Money managers’ net-long position in West Texas Intermediate crude declined 11 percent in the week ended Aug. 11, U.S.COMMODITY FUTURES TRADINGCommission data show. Short positions climbed to the highest level since March, a signal speculators see prices continuing to fall. Funds curbed bullish bets on Brent in London to the lowest level since December, data from ICE Futures Europe showed…

Hedge Funds Resume Flight From Oil as Prices Sink to 6-Year Lows

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