Hedge Funds Retreat From Record Crude Wagers on Supplies
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Speculators cut bullish bets on U.S. crude oil from a record as inventories were close to a seasonal high following the Memorial Day weekend.
Hedge funds reduced net-long positions in benchmark West Texas Intermediate by 1.5 percent in the week ended June 3, the U.S. Commodity Futures Trading Commission said. Long positions slid 1.1 percent and shorts jumped 5.3 percent.