Feb
28
Bullish Oil Bets Rise as Hedge Funds See Crude Supply Tightening
By-
Speculators raise net-long positions to highest since November
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Russia-Saudi Arabia freeze agreement raises hopes of a rebound
Talk of an output freeze by OPEC and Russia along with falling U.S. production spurred money managers to bet oil is ready for a rebound.
Prices have risen 13 percent since Saudi Arabia, Russia, Venezuela and Qatar tentatively agreed on Feb. 16 to cap production at January levels. U.S. crude output dropped for a fifth week, government data showed Feb. 24…
Bullish Oil Bets Rise as Hedge Funds See Crude Supply Tightening