The oil market is experiencing a significant bearish shift, with speculators increasingly betting against oil prices. For the past two weeks, money managers' short positions in Brent crude oil have outnumbered long bets for the first time in recorded history. This trend is driven by forecasts of rising production outside the OPEC+ alliance, which is expected to create an oversupply of crude oil next year. Funds using commodities as an inflation hedge have also dumped their holdings, contributing to the extreme negative positioning. Despite the overall bearish sentiment, money managers increased their net-length in WTI crude oil futures and options by 28,703 contracts to 161,928 in the week ending September 24, with long-only positions rising by 24,734 and short-only positions falling by 3,969. Macquarie noted, 'We remain structurally bearish, but there is discomfort that bearish views are now unanimous.' Additionally, money managers increased their net-length in Brent crude oil futures and options by 29,910 to 21,461, according to ICE data.