Oil Investors Learn `Don't Fight the Saudis' as Rally Bets Climb
- Hedge funds boost WTI net-longs by 35%, most since 2016
- U.S. benchmark touched $60 a barrel first time since November
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Hedge funds appear to have an unwavering confidence in Saudi Arabia.
They boosted bets on U.S. oil’s rally by a whopping 35 percent in the week ended March 19, the most in more than two years, as the kingdom drummed up support for supply cuts in an OPEC meeting with allies. Just two days later, West Texas Intermediate crude hit $60 a barrel for the first time since November.