Hedge Funds Slash Long Oil Holdings

Jul 21 2014 | 10:53am ET

Hedge funds exited bullish bets on oil en masse earlier this month.

Hedge funds and other money managers cut their net-long positions in Brent crude by nearly 25% in the week ended July 15, the IntercontinentalExchange said. The move comes as oil prices hit a three-month low, and increase the reduction in bullish bets to nearly 40% since last June.

Speculators also exited nearly $6 billion in long oil bets on the New York Mercantile Exchange last week, capping the largest four-week reduction by hedge funds and others in the exchange’s history.

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