Bearish Traders Are Ruling the Oil Market Now

Despite a slight uptick in bullish bets last week, portfolio managers have slashed their long positions in oil futures over the past two months, fearing slowing demand and rising supply.   In the week to August 27, hedge funds and commodity trading advisors were net buyers of the equivalent of 32 million barrels in the six most traded crude and petroleum futures, following net selling of 48 million barrels during the previous week, per data from trade exchanges compiled by energy analyst John Kemp in his blog.  Extremely Bearish…