NEW YORK: Hedge funds cut bullish wagers on US crude in the week to Feb. 12, the US Commodity Futures Trading Commission (CFTC) said on Tuesday, as prices eased and worries over a global economic slowdown gripped the market.
The speculator group cut its combined futures and options position in New York and London by 14,960 contracts to 130,548 during the period.
The release of the data had been delayed due to the 35-day partial US government shutdown.
The European Commission during that week sharply cut its forecasts for euro zone economic growth due to global trade tensions and an array of domestic challenges.
Markets also remain nervous after China reported the lowest annual economic growth in nearly 30 years in January. That focuses yet more attention on the outcome of US-China talks to end the trade war between the world's top two economies.
Trade tensions have cost both countries billions of dollars and disrupted global trade and business flows, roiling financial markets.
Swelling inventories in the United States also added to the gloomy outlook.
Oil prices have been largely been buoyed this year by output curbs from the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+.
The deal, effective from January, aims to cut 1.2 million barrels per day until the end of June to forestall a supply overhang.
Meanwhile, natural gas speculators in four major NYMEX, ICE markets cut net long position by 23,476 contracts to 195,741 in week to Feb. 12.
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