Hedge funds cut their bullish stance on US oil to the lowest since mid-April as rising US crude inventories and OPEC+’s production increases drive bearish sentiment.
Money managers decreased their net-long position on West Texas Intermediate by 9,014 lots to 78,826 lots in the week through Tuesday, data from the Commodity Futures Trading Commission show. That’s the smallest net-long position since US President Donald Trump announced tariffs on major trade partners in early April.