U.S. oil prices have cycled between $40 and $60 per barrel since the start of 2015 and the rise and fall has corresponded with the accumulation and liquidation of hedge fund short positions. There have been at least three cycles in WTI prices and hedge fund positions in the main NYMEX light sweet crude contract since the turn of the year. Money managers increased their short position from 74 million barrels at the start of January to a peak of 178 million barrels on March 17 before reducing it to 53 million by May 12. Front-month WTI prices fell from...