Money managers reduced bets on rising oil prices by the most in five weeks, helping push U.S.- traded futures into a bear market.
Hedge funds and other large speculators lowered net-long positions in West Texas Intermediate crude by 4.8 percent in the seven days ended Oct. 7, U.S. Commodity Futures Trading Commission data show. Short positions climbed 8 percent, the most in almost a month.
WTI joined Brent, the European benchmark, in falling more than 20 percent from its June peak, meeting a common definition of a bear market. U.S. oil inventories rose the most since April in the week ended Oct. 3 as domestic production rose to a 28-year high and refineries shut units for maintenance. Demand nationwide will slip this year to the lowest since 2012, the government predicted Oct. 7.