Oil Gloom Turns to Boom as the Market’s Worst Fears Fade Away
- Hedge funds are the most optimistic on Brent since November
- Shift is mostly due to unwinding of recent short-selling
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Investors are the most optimistic on oil in two months as the worst fears that roiled markets at the end of the year start to dissipate.
Hedge funds boosted their net wagers on rising Brent crude prices by 9 percent in the week ended Jan. 15, mostly because they continued to unwind a short-selling spree from the end of 2018, data from the ICE Futures Europe exchange show.