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OPEC Wins Hedge Funds Back With Jump in Oil Bets Before Deal

By Tony Seruga

Net-long position on WTI rose by most this year: CFTC
U.S. supply drop will be key to sustaining the enthusiasm

Hedge funds are giving OPEC some credit again.

Following four weeks of growing pessimism, bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia and Russia were mustering support for the deal they struck in Vienna last week, U.S. Commodity Futures Trading Commission data show.

What happens to U.S. stockpiles will be key to sustaining the enthusiasm, and the Saudis know that. In addition to prolonging a historical deal with allies, the kingdom plans to reduce exports to the world’s biggest consumer…

OPEC Wins Hedge Funds Back With Jump in Oil Bets Before Deal

Categories : Hedge Funds

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