Hedge funds bearish on oil

Data from the U.S. Commodity Futures Trading Commission finds hedge funds are calling for a further drop in oil prices, reports Bloomberg.

Last week, it adds, the CFTC found “money managers increased short positions in West Texas Intermediate crude to the highest level [recorded] since September 2010.” As well, net-long positions slipped.

Read: Demand for oil will drop in Q2

Read more on how crude supply is rising. Also check out:

Will oil prices keep plummeting?

Don’t give up on Canada

Falling oil prices may hobble federal tax cuts

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