Hedge funds became less bullish on crude oil for the first time in six weeks as U.S. inventories of fuel expanded at a time of weakening demand. Money managers cut net-long positions, or wagers on rising prices, for benchmark West Texas Intermediate crude by 8.6 percent in the week ended Jan. 7, U.S. Commodity Futures Trading Commission data show. It was the biggest decline since June. Short positions gained the most since April. Crude fell to an eight-month low on Jan. 9, propelled by rising U.S. supplies of gasoline, diesel and heating oil. Fuel demand dropped in the three weeks ended Jan. 3, the longest stretch of losses since June 2012 and domestic crude production rose to the highest level since 1988, according to the U.S. Energy Information Administration. “At the end of last year there was a big run-up in prices that was impossible to […]