Bets oil futures will go higher reach fresh record (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Money managers' bets that oil prices will go higher hit a fresh record in the week ended March 8, according to data released Friday by the Commodity Futures Trading Commission. Managed money added a net 6,224 "long" contracts, pushing the category to 311,632 contracts. While the net flow was positive for oil prices, it slowed "dramatically" compared to the previous two weeks, said Tim Evans, an analyst with Citigroup's Citi Futures Perspective. Oil for April delivery (clj11) closed 1.5% lower at $101.16 a barrel on the New York Mercantile Exchange.