Hedge funds sharply increased bullish positions on crude oil in the week before the US capture of Venezuelan President Nicolás Maduro, according to a report by Bloomberg citing data from teh Commodity Futures Trading Commission (CFTC).
The CFTC figures show net-long WTI positions rose by 2,045 lots to 19,711 lots, the largest increase in two months, while bullish Brent positions hit a four-week high on ICE Futures Europe.
The moves reflected speculation over potential US military action against Venezuela following an oil export clampdown, alongside ongoing uncertainty around Russian crude flows amid stalled US-led Ukraine peace talks. Hedge funds positioned for potential supply disruptions despite Venezuelan exports accounting for less than 1% of global crude.
