Bullish Bets on Oil Fell to Lowest on Record This Week

Hedge funds have cut their bullish bets on crude oil to record lows as the market reacts to increasing U.S. inventories and fear that OPEC+ will not fully deliver on its promises to voluntarily cut production come January 1. Money managers have slashed their net long positions in both WTI and Brent crude oil by 59,094 lots to just 149,272 in the week ending December 12. This is “the lowest in exchange and regulatory data going back to 2011,” Bloomberg suggested on Friday. The record lows were a result of short-only bets reaching to…