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Speculators Boost Oil Bets Based On Cushing

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March 3, 2014

Hedge funds increased their bullish bets on West Texas Intermediate oil to a record as rising flows of domestic crude to Gulf Coast refineries cut demand for more costly foreign grades.

Money managers bolstered net-long positions, or wagers on rising prices, on the U.S. benchmark by 2.2% in the week ended Feb. 25, Commodity Futures Trading Commission data show. The positions climbed to the highest level in CFTC data going back to 2006.

Shipments to the Gulf from Cushing, Okla., which is the delivery point for New York futures, began ...

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