Oil falls as investors cut bullish bets on worries over US output
Investors continue to unwind bets on higher prices after record cuts last week because of concerns that growing US oil output could hamper an Opec-led deal on production cuts
London — Oil fell on Monday as investors continued to unwind bets on higher prices after record cuts last week because of concerns that growing US oil output could hamper an Opec-led deal on production reductions. Benchmark Brent crude futures were down 31 cents at $51.45 a barrel by 2.09pm GMT. US West Texas Intermediate (WTI) crude futures fell by 52 cents to $48.26. "Speculative investors have thrown in the towel, it seems. We’ve got record selling in the week ending March 14 and the bleeding has not stopped yet," said Carsten Fritsch, senior commodities analyst at Commerzbank in Frankfurt. Oil futures have retreated in the past two weeks as a supply overhang driven by rising production from the US overshadows a deal by the Organization of the Petroleum Exporting Countries (Opec) and other producers to rein in crude output. Last week speculators cut more than 150,000 contracts betting on firmer US and Brent oil prices, a record high. Latest US drilling data supported estimates fo...
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