Hedge funds have upped their bullish wagers on oil, betting that tightening supplies will prompt a resumption of the recent price rally following a pause last week, according to a report by Bloomberg.
With West Texas Intermediate (WTI) futures rising by as much as 0.7% to trade above $90 a barrel, hedge funds upped their bullish positions on WTI to the highest level since February 2022, according to Bloomberg.
Supply curbs from OPEC+ led by Saudi Arabia and Russia and brighter economic outlook in the the world’s two biggest economies, the US and China, have seen oil jump by more than a quarter since the end of June, with prices set for the biggest quarterly gain since March 2022.
