According to the latest US Commodity Futures Trading Commission (CFTC) COT report published on Friday, hedge funds and money managers cut bullish bets on WTI for the third straight week, as cited by Reuters.
Oil market remained volatile over concerns about rising output and the effectiveness
The speculator group cut its combined futures and options position in New York and London by 31,037 contracts to 194,021 during the week to May 9
Separately, speculators extended short positions in gasoline, as overall stocks remain at seasonally high levels even as the United States heads into the busy driving season.
Short positions increased to a net 20,964 contracts, up 17,666 contracts on the week