Speculators retreated from bullish oil bets at the fastest pace since 2012 on mounting concern that economic turmoil in Europe and Asia will prolong a supply glut. The net-long position in West Texas Intermediate crude fell 20 percent in the week ended July 7, U.S. Commodity Futures Trading Commission data show. Longs dropped 1.7 percent as short wagers jumped 56 percent. U.S. benchmark crude slumped 12 percent in the CFTC report period as the Greek debt crisis intensified and plunging stocks in China threatened to slow the world’s second-biggest economy. Delays in Iran reaching a nuclear accord and lifting curbs on its oil exports did little to stem the rout. Prices may fall further because the world remains “massively oversupplied,” the International Energy Agency said. “Several bearish elements came together to break the back and will of the longs in the market,” John Kilduff, a partner at Again Capital […]