Money managers reduced bets on rising oil prices by the most in five weeks, helping push U.S.- traded futures into a bear market . Hedge funds and other large speculators lowered net-long positions in West Texas Intermediate crude by 4.8 percent in the seven days ended Oct. 7, U.S. Commodity Futures Trading Commission data show. Short positions climbed 8 percent, the most in almost a month. WTI joined Brent, the European benchmark, in falling more than 20 percent from its June peak, meeting a common definition of a bear market. U.S. oil inventories rose the most since April in the week ended Oct. 3 as domestic production rose to a 28-year high and refineries shut units for maintenance. Demand nationwide will slip this year to the lowest since 2012, the government predicted Oct. 7. “The extended decline is compounded mainly by supply-driven concerns,” Harry Tchilinguirian , BNP Paribas SA’s […]