It’s a rare bunch of traders who can say they made a killing on oil’s surprising rebound over the past year. The reason: There aren’t many of them left. Years of choppy and often falling markets have obliterated a once-prominent group of hedge funds, collectively running billions of dollars, that bet on commodities. Among firms that have shut commodities funds are Astenbeck Capital Management, Armajaro Asset Management, Clive Capital, Centaurus Capital and Brevan Howard. Since March 2012, the number of commodities funds globally—which trade in oil and other commodities such as wheat or copper—has dropped to 130 from 368, according to data group eVestment, while assets in commodities funds have dropped 1% to $83.5 billion. In comparison, assets in the global hedge-fund industry as a whole have increased 30%. Like most investments, getting out when the price is depressed looks terrible in retrospect. Since a low last June, international […]