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Hedge Funds Slash Bullish Oil Bets to Lowest Ever Amid OPEC Hike

Hedge funds chopped their bullish position on US crude to the lowest on record as the OPEC+ alliance’s latest decision to boost production compounded already-gloomy forecasts that the world is heading toward an oil surplus this year.

Money managers cut their net-long stance on West Texas Intermediate by 14,630 lots to 12,657 lots in the week ended Sept. 29, the lowest in data stretching back to June 2006, according to the Commodity Futures Trading Commission. Meanwhile, net-long bets on Brent crude decreased by the most since June, data from ICE Futures Europe show.

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