Oil prices fell on Monday as investors grappled with ongoing concerns over rising US output and tight OPEC supply, while last week's data showing speculators cut bets on oil suggested more selling could be seen.
Hedge funds and money managers have pared their bullish wagers on U.S. crude oil, with long positions falling last week for the first time in three weeks. Gross short positions on the New York Mercantile Exchange climbed to their highest level in nearly a month.
That has undercut some of the enthusiasm for oil, as investors weigh increased U.S. supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-OPEC producers will maintain supply cuts that have been in effect for more than a year.
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