On Thursday, Brent topped $80 per barrel for the first time since November 2014, breaching a psychological threshold amid tightening inventories and widening geopolitical risk. Yet, even as oil prices have rallied to their highest point in three and a half years, investors have pared back their bullish bets on oil futures. Hedge funds and other money managers have cut their long positions for several consecutive weeks, perhaps as a bit of profit-taking, or maybe because the bullish positioning had appeared to have gone too far. Indeed, investors pushed their net-length to record heights, but that has been whittled down a bit over the past month. That reduction has occurred even as oil prices have broken new multi-year record highs. But betting that oil prices have hit a ceiling and liquidating bullish positions is a “dangerous” game, according to Goldman Sachs. The investment bank noted in a recent report […]