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Hedge Funds Stay Bullish on Oil Amid Trade Truce, OPEC+ Cuts

  • Net-long position on Brent crude at its highest since May
  • But short positions rose most since October, showing doubts
   
Photographer: Tim Rue/Bloomberg
Updated on

Hedge funds are approaching the end of the year more optimistic about global oil prices than they’ve been since May.

Their net-bullish wagers on Brent crude climbed for the ninth week in 10, reaching a seven-month high, data released Friday show. The U.S.-China trade truce and OPEC’s commitment to deeper cuts have pushed futures to their highest since an attack on Saudi oil assets in September. But skepticism is also creeping in, with short-selling increasing the most since October.