Used oil barrels are seen outside a garage in Cuevas del Becerro, near Malaga, southern Spain February 16, 2015. Hedge funds and other money managers have begun to amass another large short position in futures and options contracts linked to the price of crude oil. But the current wave of short-selling has been associated with a much smaller decline in WTI prices than last summer, at least so far. Hedge funds increased their short positions in NYMEX WTI futures and options from 53 million barrels on May 31 to 141 million barrels on July 19, anticipating a further drop in prices. On the other side of the market, hedge fund long positions were basically unchanged at just under 300 million barrels between the two dates, according to the U.S. Commodity Futures Trading Commission (CFTC). In U.S. crude, the main adjustment has therefore come almost entirely from an increase in […]