End-of-Summer Blues Drop Bullish Oil Bets Into Eight-Month Low
- Combined net-bullish position on WTI and Brent drops 17%
- Oil loses support from fuel consumption at lowest since March
Photographer: Andrey Rudakov/Bloomberg
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As temperatures cool, so does enthusiasm for oil.
With the end of the summer-driving period taking away a key factor supporting demand, hedge fund bets on a crude price rally in New York and London have plunged to the lowest in eight months, data released Friday show. Meanwhile, U.S. gasoline consumption is at its lowest since March.