Commodities
Hedge Funds Hiked Bullish Oil Bets to 15-Month High on OPEC+ Cuts
- Net long positions rise to highest level since June 2022
- Both WTI and Brent have surged above $90 after Saudi-led cuts
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Hedge funds boosted their bullish wagers on Brent and US crude to a 15-month high as supply cuts from OPEC+ rapidly tighten the oil market.
Money managers increased their net long Brent and WTI oil bets by 43,131 combined positions to 494,888 lots, weekly ICE Futures Europe and CFTC futures and options data on four contracts showed, the highest in about 15 months.