Bullish bets on WTI slashed for the 1st time 4 weeks

According to the US Commodity Futures Trading Commission (CFTC) COT report released on Friday, hedge funds slashed bullish bets on US crude oil for the first time in four weeks in the week to April 25.

CFTC data, as cited by Reuters, the speculator group cut its combined futures and options position in New York and London by 70,136 contracts to 284,942 during the period.