Hedge funds slashed bullish bets on U.S. crude oil for the first time in four weeks in the week to April 25, data showed on Friday, as prices fell amid expectations that a steady rise in U.S. production would offset output cuts by top producers. The speculator group cut its combined futures and options position in New York and London by 70,136 contracts to 284,942 during the period, U.S. Commodity Futures Trading Commission (CFTC) data showed. U.S. oil futures on the New York Mercantile Exchange dipped by about 5.4 percent and averaged $50.25 per barrel during the trading days ended April 25. Most market participants expect the Organization of the Petroleum Exporting Countries (OPEC) to renew its production cuts for another six months. Last week, an OPEC and […]