Hedge funds have scaled back their bets on rising oil prices to the lowest level in a year, the latest case of investors growing wary of a once-hot market.

Bullish bets on US crude outnumbered bearish ones by 4-to-1, Commodity Futures Trading Commission data as of October 23 show. The ratio is the lowest since October 2017 and compares with a 26-to-1 ratio from early July, The Wall Street Journal reported.