Oil Bears Routed by Spring Thaw in Prices as Drill Rigs Sit Idle
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Speculators pulled bearish oil bets at the fastest pace on record as Saudi Arabia renewed strikes on Yemen and U.S. output slowed.
Hedge funds reduced their short position in West Texas Intermediate crude by 32 percent in the seven days ended April 21, driving the net-long position to the highest since July, U.S. Commodity Futures Trading Commission data show. Bullish bets on Brent increased to the highest in at least four years.