Hedge Funds Turn More Bullish on Oil Amid Venezuela, Iran Unrest

Hedge funds hiked bullish wagers on US crude to a five-month high as the initial shock of the US capture of Venezuelan President Nicolás Maduro gave way to fears of stunted oil flows from the Middle East as deadly protests grip Iran.

Money managers increased long-only position on West Texas Intermediate by 2,413 lots to 151,433 lots in the week ending Jan. 6, weekly Commodity Futures Trading Commission data on futures and options show. That’s the highest since early August.