Oil Prices Tumble as Traders Turn Bearish

Rising global oil supply and weaker-than-expected demand have made traders increasingly bearish on oil prices.  Hedge funds and other money managers accelerated their selling in the most traded petroleum futures contracts in the latest reporting week to September 3. Portfolio managers slashed their overall net long position—the difference between bullish and bearish bets—to the lowest level since exchanges began compiling such data in 2011.   The positioning in crude oil was already tilted to the bearish side in the previous…