New York: Hedge funds kept running away from oil as prices tumbled into a bear market.
They cut bets on West Texas Intermediate crude’s rally to the lowest level in 12 weeks, according to data released Friday. Optimism on Brent crude, the global benchmark, declined by the most this year.
WTI reached bear territory last Wednesday, dropping more than 20% from its April high amid escalating disputes between the US and its trading partners. Prices rebounded toward the end of the week as Saudi Arabia and Russia reiterated their commitment to supply cuts, leaving it unclear whether investors had made the right call.
