Hedge Funds Rush Into Bullish Oil Bets Amid Iran Risk, US Freeze

Hedge funds turned the most bullish on Brent oil since early April as President Donald Trump touted a growing US military presence near Iran and traders monitored the fallout from a sweeping winter storm.

Money managers increased their long-only stance on Brent crude by 19,409 lots to 377,371 lots in the week ended Jan. 27, the highest in nearly 10 months, data from ICE Futures Europe show. Long-only bets on West Texas Intermediate also rose to a six-month high, according to the Commodity Futures Trading Commission.