Hedge funds winnowed their bullish position on US crude to the lowest in about 18 years as uncertainty over economic policy compounded growing concerns about an oversupply.
Money managers cut net-long bets on West Texas Intermediate by 5,461 lots to 24,225 lots in the week ended Aug. 26, the lowest since January 2007, according to the Commodity Futures Trading Commission. Short-only bets against WTI rose to a 20-month high, the data show.