Oil Bulls Seeing Smaller Glut Increase Bets by Most Since April
- Non-OPEC crude supply forecast to fall the most in 24 years
- U.S. says production is lower than previously thought
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Hedge funds added the most bullish oil bets since April on optimism that the global oversupply will disappear as producers slow output.
Money managers boosted their net-long position on West Texas Intermediate by 16,855 contracts to 132,857 futures and options in the week ending Sept. 8, according to data from the Commodity Futures Trading Commission. Traders also boosted their bullish stance on Brent crude by the most since April.