Hedge-fund managers and other large speculators decreased their net-long position in New York crude-oil futures in the week ended Sep. 2, according to U.S.
Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 14,331 contracts on the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions fell by 5,835 contracts, or 29 percent, from a week earlier.
Hedge funds have reduced their position on crude oil signaling that oil price is going to fall further. I think we will see a strong support only when it goes to $100.
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