Money managers reduced their bullish bets on the six most important petroleum contracts, but they bought more WTI Crude futures in the week to May 25 amid strong fundamentals for the U.S. benchmark, according to exchange data compiled by Reuters market analyst John Kemp. In the latest reporting week, hedge funds and other portfolio managers sold the equivalent of 8 million barrels in the six most important petroleum contracts, marking the third week of an overall reduction in the net long position—the difference between bullish and bearish…
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