Hedge Funds Hiked Bullish Oil Bets to 15-Month High on OPEC+ Cuts - Yahoo Finance
Hedge Funds Hiked Bullish Oil Bets to 15-Month High on OPEC+ Cuts
(Bloomberg) -- Hedge funds boosted their bullish wagers on Brent and US crude to a 15-month high as supply cuts from OPEC+ rapidly tighten the oil market.
Most Read from Bloomberg
Disney Talks on ABC Sale Heat Up as Byron Allen Makes Offer
Apple iPhone 15 Pro Max Deliveries Slip to November in Sign of Demand
United Auto Workers Call Unprecedented Strike at All Three Detroit Automakers
Canada Postpones Trade Mission to India With Tensions On Rise
Ultra-Rich Buy Ultra-Luxury Counseling to Get Kids Into Harvard
Money managers increased their net long Brent and WTI oil bets by 43,131 combined positions to 494,888 lots, weekly ICE Futures Europe and CFTC futures and options data on four contracts showed, the highest in about 15 months.
The positioning by hedge funds marks a major turnaround from the gloom in the first half of the year, when the group held the most bearish stance in about a decade. Both benchmarks have now surpassed $90 a barrel, surging about 30% since June as the cartel, led by Saudi Arabia, cut output and create a supply deficit through the end of the year.
Most Read from Bloomberg Businessweek
How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire
An Online Startup Pitches a New Kind of MBA
The Best Times to Buy Your Concert Tickets
Everyone’s Worrying About China, But the Real Pain Is Coming From the Fed
The Massive Guatemalan Operation That Wants to Sell Americans Their Old Clothes Back
©2023 Bloomberg L.P.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.