American crude production slipped to lowest since May 2014 Money managers cut bullish crude bets to lowest since March Not even a sharp decline in U.S. oil production can convince investors that oil prices are ready to rebound. Stubbornly high U.S. inventories and resurgent output from OPEC, Russia and Canada have prompted money managers to cut bets on rising crude prices to the lowest level in four months. West Texas Intermediate crude fell last week even as U.S. government data showed output slid to the least since May 2014. “The problem is that OPEC more than makes up for every barrel of lost U.S. production.” said Stephen Schork, president of the Schork Group Inc., a consulting company in Villanova, Pennsylvania. U.S. production tumbled 194,000 barrels a day to 8.43 million in the week ended July 1, an Energy Information Administration report showed. Output has slumped 12 percent from the […]