Money managers have reduced their bullish crude oil bets due to disputes among OPEC members on how to implement the output ceiling agreed to in late September. Managers reduced their net long positions by 9% (28 million barrels) the week before November 1.

According to Reuters, hedge funds ramped up their net long positions by 218 MMBO in the two weeks after the surprise accord was reached at the end of OPEC’s Sept. 28 meeting. The deal sparked a short-covering rally, resulting in the unwinding of many extra bearish positions. Prices have ...


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