Gulf News – Hedge funds cut bullish bets on crude oil by the most in more than six months on growing concern that the faltering economic recovery will sap energy demand.
The funds and other large speculators cut wagers that prices would rise by 16 per cent by the end of last week, the most since January 25, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. Crude dropped 5.8 per cent on the New York Mercantile Exchange in the period covered by the data.
