Money managers reduced their bullish bets on the six most important petroleum contracts, but they bought more WTI Crude futures in the week to May 25 amid strong fundamentals for the U.S. benchmark, according to exchange data compiled by Reuters market analyst John Kemp . In the latest reporting week, hedge funds and other portfolio managers sold the equivalent of 8 million barrels in the six most important petroleum contracts, marking the third week of an overall reduction in the net long position—the difference between bullish and bearish bets. The pace of the reduction in the longs, however, was much slower in the latest week than in the prior weeks, and the WTI Crude contract actually attracted more bullish bets. Hedge funds bought the equivalent of 10 million barrels in WTI, while they sold the equivalent of 12 million barrels in Brent Crude futures and options, according to the […]