It's the Iranian oil guessing game. And the bears are winning

It seems oil skeptics have been proven correct in their downplaying of sanctions against Iran as signs mount that the impact might not be so substantial.

Photo: Bloomberg

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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