Oil's bull run wavers as investors wait to see what 2018 holds

Oil futures in New York have jumped almost 40 per cent since June as Opec and its allies extended their production-cut deal and US inventories shrank to two-year lows

Oil's bull run is grinding to a halt.

Hedge funds lowered their bets on Brent crude after they rose to a record a week earlier. And, the net-bullish position on West Texas Intermediate (WTI), which hit a nine-month high last month, dwindled for a third straight week. The message: After a months-long build-up, investors are wavering, concerned US crude will continue to boom in 2018, undercutting the Organization of Petroleum Exporting Countries (Opec’s) push to drain a global glut.

“It seems like now most people have got their positions and are waiting to see what 2018 brings,” said Rob Thummel, managing director