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Hedge Funds Most Bearish on Crude in 4 Years After Rally
Hedge funds raised bearish bets on oil to the highest in more than four years, a sign they’re skeptical that a two-week 14 percent rally will last. Short bets on West Texas Intermediate climbed 1.2 percent in the week ended Feb. 3 to the most since August 2010, U.S. Commodity Futures Trading Commission data show. Net-long positions slipped for a third week, the longest stretch of declines since August. Prices jumped during the report week as a shrinking number of U.S. rigs drilling for crude raised speculation that output would soon retreat from a three-decade high. Oil has tumbled 47 percent in the past year amid ... (full story)