Hedge Funds Cut Oil Bets After Worst Drop Since 2008

Oil pumping gear operate at the Mamontovskoye oil field in the Khanty-Mansi region of Russia. The country's oil production rose 0.3 percent in December to a post-Soviet record of 10.667 million barrels a day, according to preliminary data e-mailed by CDU-TEK, part of the Energy Ministry