Reports of Oil Rally's Death Premature as Inventories Decline

Hedge funds betting that oil’s rally was over missed an 11 percent gain after U.S. crude inventories unexpectedly fell. Short positions in West Texas Intermediate crude jumped 35 percent in the week ended April 5, according to the U.S. Commodity Futures Trading Commission. The next day, the government reported a 4.94 million-barrel drop in U.S. oil inventories, the first decline in eight weeks.WTI oil for May delivery dropped 6.2 percent to $35.89 a barrel on the New York Mercantile Exchange during the report week, before rebounding to $39.72 April 8. Prices were at $39.90 a barrel at 12:22 p.m. on Monday in ... READ MORE