Traders Grow Even More Bearish On Oil

Despite expectations of a tightening oil market later this year, hedge fund managers and momentum traders continue to be bearish on crude and continue to dump bullish bets.     Portfolio managers are now the most bearish on crude oil futures and options in more than a decade as economic concerns and the stalemate in U.S. debt ceiling negotiations are trumping fundamentals. Those fundamentals are now more supportive for price after the latest OPEC+ cut and forecasts that the oil market will see a widening deficit by the end of this…