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WTI crude oil prices hit a 7-week lowCryptogamesdownloadNet long positions in hedge funds fell for three consecutive weeks, while short positions rose to their highest level in January, mainly due to higher-than-expected inventories, easing tensions in the Middle East and slowing inflation and economic growth in the United States.

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The price of WTI crude oil hit a new low, and hedge funds went short sharply.

Hedge funds aggressively shorted WTI crude as the price of WTI crude fell to its lowest level in seven weeks. Hedge fund net long positions in WTI crude oil fell 6957 lots to 172689 lots in the week to April 30, the third consecutive week of decline, according to the Commodity Futures data Commission (CFTC). Meanwhile, hedge fund WTI short positions increased by 9705 hands to 78141 hands, the highest level since January. Crude oil prices fell this week to their lowest level since mid-March as US crude stocks rose more than expected and tensions eased in the Middle East. In addition, stubborn inflation in the US has led the Fed to keep interest rates high, curbing the rise in dollar-denominated crude oil, while slowing US economic growth has depressed demand for oil products such as gasoline and diesel.