Hedge Funds Cut Bearish Oil Bets Before Rebound From 12-Year Low
- Speculators lowered short positions in WTI by 8.4%: CFTC
- Front-month WTI had biggest two-day gain in over seven years
Shorts Fall From Record as Oil Rebounds
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Hedge funds reduced record bets on falling oil prices ahead of the biggest two-day rally since 2008.
West Texas Intermediate futures rebounded from a 12-year low last week, part of a broad rally in global markets fueled by speculation that central banks will expand stimulus measures. Pierre Andurand, the founder of $615 million Andurand Capital Management who correctly predicted the slump in prices, said oil will end the year higher.