| Hedge funds cut bullish holdings in crude as record U.S. output added to a global supply glut, spurring the longest losing streak in prices in six years. Money managers reduced net-long positions in West Texas Intermediate by 2.3 percent in the week ended Oct. 28, U.S. Commodity Futures Trading Commission data show. Long positions retreated to the lowest level in 17 months.
WTI fell 12 percent in October for a fourth consecutive drop, echoing the collapse in prices during the global financial crisis. Production by OPEC rose to the highest in more than a year last month, a Bloomberg survey showed, and U.S. output is running at the fastest pace since at least 1983. The gains came as the International Energy Agency reduced its estimate for demand growth this year and in 2015...............................................Full Article: Source
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