Speculators Massively Cut Their Bullish Bets On Oil

Portfolio managers cut their bullish bets on Brent Crude by the most in years in the week to March 8, according to data from futures exchanges compiled by Bloomberg. After Russia invaded Ukraine at the end of February, oil prices spiked to above $100 per barrel for the first time since 2014, and ran to almost $140 per barrel on Monday, March 7—the highest price since 2008, after the United States said it was in “very active discussions” with European allies to ban imports of Russian oil. Prices slumped later in the day after Europe…