| Speculators increased bullish bets for the first time in seven weeks, a move that came too early in a market that continues to slide. Money managers’ net-long position in crude climbed 13 percent in the week ended Aug. 4, U.S. Commodity Futures Trading Commission data show. That’s a rebound from last week’s figure, which was the lowest level since 2010.
Major oil companies are preparing for a longer downturn and banks including Societe Generale SA are reducing their price forecasts as crude approaches a six-year low. The plunge has gathered strength as U.S. producers return drilling rigs to service and Iran seeks to increase exports after last month’s nuclear agreement with world powers...............................................Full Article: Source
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