Oil misses $50 as speculators retreat.

Byline: Richard Orange

Aug. 29--Speculators blamed for the summer's sky-high oil prices are in retreat, according to data from the New York Stock Exchange, with total bets on rising oil prices returning to the long-term norm.

After a week of falling prices, the report raised hopes that the $49.40 (UKpound 27.20, E40.01) peak in the oil price seen earlier this month may not return.

Fadel Gheit, at New York's Oppenheimer brokerage, said: "The market has been driven primarily by speculators for the past six to 12 months.

"They're beginni