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Oil Speculators Most Bullish on U.S. Crude Price in Two Months

  • U.S. crude output seen falling the most since 1989 next year
  • Almost 15,000 short oil bets closed out before Fed decision
Bloomberg business news

OPEC Speculates $80 Oil by 2020

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Hedge funds slashed their bets on falling oil prices, leaving them the most bullish on U.S. crude futures in two months.

Money managers’ net-long position in West Texas Intermediate rose by 14,821 contracts to 147,678 futures and options in the week ended Sept. 15, according to data from the Commodity Futures Trading Commission. That’s the highest level since July 7. In contrast, traders curbed their bullish positions in European benchmark Brent by the most in a month.