Oil skeptics have been proved right in downplaying sanctions against Iran.
Hedge funds reduced bets on rising West Texas Intermediate crude prices for an eighth straight week, the longest streak of reductions on record, even as curbs on Iranian oil are set to kick in. After sanction fears propelled the benchmark to four-year highs early last month, futures have since plunged almost 20 percent as signs mount that the impact might not be so bad.
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