Why Hedge funds are Shunning WTI Crude Oil

(The Business Insider) Brent prices reached a 12-week high on Friday, while WTI Crude prices—although surging on the latest drop in the U.S. rig count—were not touching week-highs, suppressed by rising U.S. crude output. In a sign that investors are more optimistic on a rise in Brent prices, data show that hedge fund managers lowered their net long position on WTI by 2 percent to 274,441 futures and options in the week that ended on August 15, according to data by the U.S. Commodity Futures Trading Commission quoted by Bloomberg. Long positions dropped by 2.2 percent, while short positions declined by 2.7 percent, according to the data.