| Hedge funds and big speculators made the biggest-ever cuts in their bullish bets on oil, according to weekly regulatory data on Friday that will put a new perspective on the market's sudden price rout late last week.
Money managers slashed their net long futures and options positions in the major US crude oil contracts to nearly their lowest since 2010, cutting them by 81,674 lots in the week to May 8, a drop of more than one-third, the US Commodity Futures Trading Commission's (CFTC) data showed. At current prices, that's a decline of nearly $8-billion worth of oil contracts...............................................Full Article: Source
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