(Bloomberg) -- Hedge funds slashed bullish bets on crude to a record low, with markets gripped by concerns about excess supplies and mounting skepticism that OPEC+ will deliver all the supply cuts it has promised.

Money managers cut net long positions in the West Texas Intermediate and Brent benchmarks by 59,094 lots to 149,272 in the week ended Dec. 12, the lowest in exchange and regulatory data going back to 2011. The bearish move was driven by short-only bets surging to the highest in almost four years, while long-only bets continued to retreat, according to figures from ICE Futures Europe and the Commodity Futures Trading Commission.

Oil grazed the lowest levels in five months in recent weeks as signs of robust supplies piled up. The bearish sentiment deepened after a highly anticipated OPEC+ meeting drew to an underwhelming close, overshadowing marginally bullish developments like a stronger-than-expected US jobs report and plans to refill the Strategic Petroleum Reserve. 

Markets continue to flash short-term weakness, with nearby timespreads holding near the lowest level in three years despite signs of a drawdown in US stockpiles.

--With assistance from Julia Fanzeres and Devika Krishna Kumar.

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