Hedge funds and other money managers have reduced bullish bets on crude oil amid reported differences among OPEC members about how to implement their recently agreed output ceiling. Hedge funds cut their net long position in crude futures and options by 72 million barrels to 574 million barrels in the week to Nov. 1, according to an analysis of regulatory and exchange records. Most of the adjustment in West Texas Intermediate (WTI) came from the liquidation of previously established bullish long positions, with money managers’ long positions cut by 33 million barrels. In Brent, by contrast, most adjustment came in the form of fresh short selling, with 25 million barrels of short positions added ( tmsnrt.rs/2fvta7W ). Hedge funds ramped up their net long position by 218 million barrels in […]