After a great year of betting against oil, some bearish investors sat out the last week of 2015 after prices hit a six-year low. Hedge funds’ bets on falling prices shrank 8.5 percent in the week ended Dec. 29 to a six-week low, according to Commodity Futures Trading Commission data. That didn’t mark a shift to optimism about oil, as speculators also reduced long positions. “It’s definitely short covering after a great year for the shorts,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “We’ve come a long way down and plumbed some new lows in December.” Speculators’ net-long position in West Texas Intermediate crude is hovering near the lowest level in five years. Their gloomy outlook was borne out Monday, as not even escalating tension between Saudi Arabia and Iran was enough to support a rally as WTI […]