(Bloomberg) -- Hedge funds have turned increasingly bearish on oil ahead of a meeting by OPEC and its allies to decide on future production quotas.

Money managers slashed net-long Brent and WTI positions by 19,378 lots to 232,883 in the week ending Nov. 21, data from ICE Futures Europe and CFTC show. That’s the lowest since late June. Long-only positions fell by 19,467 lots to the lowest in almost seven months. 

Oil prices have plummeted from a late-September high as a drop in liquidity accelerated losses. Investors are now largely sitting on the sidelines while the producer group decides whether it will extend supply curbs into next year or deepen cuts. For now, Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said. 

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