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Oil bulls bet waning US shale boom will curb global glut

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Energy Information Administration data show US crude production fell to 8.94 million barrels a day in the week ended April 22, the least since October 2014. Output from US shale formations will drop in May to the lowest level in almost two years.

New York

HEDGE funds are rooting for a quick collapse of the US shale boom.

Money managers turned the most bullish since May last year as West Texas Intermediate (WTI) crude climbed to a five-month high on optimism that falling US production and rising fuel demand will trim the