Feb
28

Bullish Oil Bets Rise as Hedge Funds See Crude Supply Tightening

By
  • Speculators raise net-long positions to highest since November
  • 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

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.