Digital Assets Report

Newsletter

Like this article?

Sign up to our free newsletter

Hedge funds up bullish oil bets as rally resumes

Related Topics

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.

 

Like this article? Sign up to our free newsletter

Most Popular

Further Reading

Featured