The OPEC meeting in Algiers at the end of the month and the cooperation pact between Saudi Arabia and Russia hasn’t convinced the hedge funds that oil will breakout of its overhead resistance. The hedge funds and money managers have therefore reduced their net long positions by 80 million barrels in the week ending September 6, according to positioning data from regulators and exchanges, reports Reuters. Last week, the bulls have only cut 23 million barrels of their long positions, indicating that the majority of oil bulls are still hopeful…