Hedge funds and other money managers were turning increasingly bearish towards oil even before prices plunged on Thursday. Hedge funds cut their net long position in the three main futures and options contracts linked to Brent and WTI by 97 million barrels in the week to May 2. Bullish long positions were trimmed by 31 million barrels while bearish short positions increased by 65 million barrels according to data published by regulators and exchanges. Hedge funds reduced their net long position by a combined 236 million barrels over the two weeks between April 18 and May 2. Fund managers now...