Investors play it safe on crude ahead of make-or-break week for oil markets

Investors played it safe on U.S. crude ahead of a make-or-break week for oil markets. Money managers cut total positions on West Texas Intermediate crude to the lowest level in five years, according to U.S. data released Friday. They shed bearish bets faster than bullish ones, leaving the net-long position higher for the first time in 12 weeks.

Oil spiraled to its worst monthly loss in a decade in November, beset by worries about a looming global supply glut. Yet with OPEC, Russia and other major exporters holding talks on a potential production cut, investors don’t want to risk getting caught