 "Hedge funds go long on commodities")
Money managers curbed their enthusiasm for oil just before the US benchmark price surged to almost $70 a barrel.
Total wagers on West Texas Intermediate crude slid to the lowest since early January, with bets that it will rise shrinking for a second week. That was days before Iran accused President Donald Trump of “bullying,” while the US signaled it’s preparing to pull out of a nuclear accord that’s allowed OPEC’s third-largest producer to export more crude.
Hedge funds could be proven right in the longer run, though, if tensions subside and the market’s focus shifts back to abundant American supplies.
