Fund managers trim bets oil futures will go higher (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Fund managers slightly cut their bets oil futures will go higher , data released late Friday by U.S. regulators showed. Net long positions fell to 224,441 contracts in the week ended May 31, according to the Commodity Futures Trading Commission. Net longs had ended the previous week around 225,600 contracts. Conditions are still overbought, said Tim Evans, an analyst with Citigroup's Citi Futures Perspective. These "are still big long positions, with associated vulnerability on the downside," he said. Crude-oil futures (cln11) edged lower Friday, down 0.2% to $100.22 a barrel on the New York Mercantile Exchange.