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Hedge Funds No Longer Bullish on Oil
Hedge funds are no longer bullish on oil. In July, hedge funds have been taking bullish oil bets off the table. Net-long positions on the NY Mercantile Exchange fell to 15 month lows in the first week of July. This as oil prices rose more than 5% to over $76 / barrel. Additionally, oil contract volatility has been rising of late.