Portfolio investors are very bearish about the outlook for oil in the short term even though prices are already below their long-term average in real terms. Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important futures and options contracts over the seven days ending on May 9. Funds had sold a total of 249 million barrels in the three weeks since April 18, halving their previous holding, according to records published by ICE Futures and the U.S. Commodity Futures Trading Commission. The combined position was cut to just 285 million barrels (6th percentile for all ... (full story)