The oil bears are back, and they\u2019re looking at OPEC before making their next move. While money managers slashed bets on rising West Texas Intermediate crude prices for a ninth week in their longest retreat on record, short-selling jumped to the highest in more than a year. The rapid shift in sentiment sets the stage for an OPEC meeting on Sunday to discuss market conditions. \u201cIt\u2019s been a position where no one obviously wants to be long,\u201d said Brian Kessens, who helps manage $16 billion in energy assets at Tortoise in Leawood, Kansas. \u201cWhat OPEC needs to do is certainly come off the produce-as-much-as-you-can mode. OPEC\u2019s the most important factor in the near-term.\u201d Investors will be waiting to see whether OPEC provides any indication that the group will trim production once again next year as futures plunge. A change in policy would follow President Donald Trump\u2019s calls on the cartel to lower oil prices and ramp up output to make up for lost crude from Iran due to U.S.-imposed sanctions. Among the reasons for the bearishness that has roiled the oil market are OPEC production at the highest since 2016, record U.S. output and waivers given to a number of importers of Iranian crude, including China. \u201cThe supply side didn\u2019t necessarily play out as they had expected, especially given the waivers, and at the same time, we were building stock and we still are,\u201d said Ryan Fitzmaurice, an energy strategist at Rabobank. \u201cFrom the long side, it was a questionable time to go max long.\u201d Hedge funds\u2019 net-long position - the difference between bets on higher prices and wagers on a drop - in WTI crude slid 18 percent to 160,291 futures and options in the week ended Nov. 6, according to the U.S. Commodity Futures Trading Commission. That\u2019s the lowest since September 2017. Longs fell 6.6 percent to the lowest since July 2015, while shorts soared 29 percent to the highest since October 2017. But the bottom might be near for crude. WTI\u2019s 14-day relative strength index is below 30, a level marking oversold territory. And there are still bullish factors in the market, such as Iran supplying less crude, declining production in Venezuela and risks in countries like Libya and Nigeria, according to Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London. Plus, demand should increase as we move into the winter, he said. \u201cWith this level of correction and the supportive factors that I am looking at, we could see a turnaround,\u201d said Tchilinguirian. Still, \u201cif you were to ask traders right now, would you buy into this, the typical answer you\u2019ll get is, I don\u2019t know if I want to catch a falling knife.\u201d OTHER POSITIONS:The net-long position in Brent dropped 15 percent to 260,048 contracts, ICE Futures Europe data show. Longs fell 11 percent, while shorts rose 8 percent. Money managers cut their net-long positions on benchmark U.S. gasoline by 8.2 percent and cut net-longs on diesel by 13 percent, according to the CFTC.