The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. Hedge funds’ bullish wagers on U.S. crude oil have fallen to a more than five-year low, data showed on Monday, amid concerns that domestic oil output was not falling fast enough to offset a global supply glut. Money managers, including hedge funds and other big speculators, cut their net longs in U.S. crude oil futures by 39,159 contracts during the week to Nov. 24, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. That left the managed net long position in U.S. crude at 67,954 contracts, the lowest since July 2010, according to historical Reuters data tracking managed money positions issued weekly by the CFTC. U.S. crude’s West Texas Intermediate (WTI) futures, as well as global oil benchmark Brent, have fallen from above $100 a barrel in July 2014 to […]