Hedge Fund Bullish Oil Bets Reach 13-Week High: Energy Markets
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Hedge funds last week boosted their holdings of crude oil futures and options to the highest level in 13 weeks in a bet that Tropical Storm Bonnie would delay imports to states along the Gulf of Mexico, reducing supplies.
Oil jumped 6.5 percent in the week ended Aug. 3 as the funds, along with other large speculators, increased their long positions in New York Mercantile Exchange contracts by 24 percent to 135,833, the most since May 4, a Commodity Futures Trading Commission report Aug. 6 showed.