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HFs Reveal Clues On Oil

Date: Tuesday, June 3, 2008
Author: Emii.com

Hedge funds have pulled back on speculative positions on oil, indicating that oil may not continue its surge of the past year, reports The Evening Standard.

U.S. government and trading data show hedge-fund managers and speculators have reduced bets on higher oil prices by 80% since last year when prices began to rise sharply.

The figures emerged as part of an official probe by the U.S. into how much of the oil price surge is due to market speculation. It will also investigate possible manipulation of the market that has seen prices double in the past year.

Speculative net long positions fell to 25,867 contracts on the New York Mercantile Exchange last week, from a record 127,491 in July last yea