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Hedge funds have turned more pessimistic on oil as prices flirted with $40 a barrel for the first time since August.Oil inventories in developed countries have expanded to a record of almost 3 billion barrels because of massive supplies from both OPEC and non-OPEC producers, the International Energy Agency said in a report on Nov. 13 .U.S. crude supplies rose to 487 million barrels as of Nov. 6, the highest for this time of year since 1930, the Energy Information Administration reported last week.Speculators' net-long position in WTI dropped by 27,198 contracts to 144,854 futures and options, the biggest decline since the week ended July 21, CFTC data show.
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