Bullish Oil Bets Rise as Hedge Funds See Supply Tightening
- WTI speculators raise net-long positions to highest since Nov
- Russia-Saudi Arabia freeze agreement raises hopes of a rebound
The Correlation Between Oil and Stocks May Last a While
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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 16 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.