Hedge Funds Raise Oil Bets Most in Five Weeks: Energy Markets

Hedge funds raised bullish bets on oil by the most in five weeks as crude reached the highest level in more than two years amid signs that the global economic recovery is gaining momentum.

The funds and other large speculators increased net-long positions, or wagers on rising prices, by 12 percent in the seven days ended Jan. 11, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. It was the biggest advance since the week ended Dec. 7.