Hedge Funds Cut Bullish Bets On Oil Amid Profit-Taking

Portfolio managers reduced their bullish bets on oil in the latest reporting week as they moved to take profits amid prices hitting multi-year highs. In the week to October 12, hedge funds sold the equivalent of 16 million barrels in the six most active petroleum-related contracts, according to data from futures exchanges cited by Reuters’s market analyst John Kemp. Having amassed a large net long position—the difference between bullish and bearish bets—over the past eight weeks, money managers took some profits in the week to…