Economics
Oil Bulls Jump in at Fastest Pace in Five Years on Rebound Hopes
- Net-long position jumped 35% through Jan. 26, CFTC data show
- WTI crude caps second weekly gain on OPEC speculation
Oil: Is Saudi Arabia Trying to Force Bankruptcies?
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Hedge funds increased bullish oil bets by the most since 2010 as prices climbed to a three-week high.
West Texas Intermediate crude futures capped a second weekly gain and have surged 27 percent from a 12-year low, spurred by speculation that Russia and OPEC may discuss oil production. OPEC delegates and Russia’s Energy Minister Alexander Novak said no talks have been scheduled. Novak also said that cutting output is possible only if all crude-exporting nations are in agreement.