NEW YORK: Hedge funds and money managers cut their bullish bets on US crude in the week to Dec. 5, the US Commodity Futures Trading Commission (CFTC) said on Friday.
The speculator group cut its combined futures and options position in New York and London by 9,135 contracts to 442,742 during the period.
US crude fell one percent in the week to Dec. 5. Oil prices fell in the week after US shale drillers added more rigs, bringing the rig count to the highest since September.
Oil prices were also volatile in the run up to the Nov. 30 meeting of the Organization of Petroleum Exporting Countries in Vienna when the group extended a supply-cut agreement.