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Looming sanctions see hedge funds turn more bullish on crude

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With EU sanctions on Russian exports likely to lead to an increase in oil shortages, hedge fund investors have turned significantly more bullish on crude prices, according to a report by The Financial Post.

Hedge funds and other money managers purchased 

The equivalent of 56 million barrels of the six primary petroleum-related futures and options were purchased by hedge funds and other money managers in the wedge ended 17 May.

The reports says that records published by ICE Futures Europe and the US CFTC reveal that funds the sending spree has seen funds purchase petroleum at the fastest rate for more than four months on the back of new bullish long positions.

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