Bullish oil bets by hedge funds up the most in four years

New York

HEDGE funds increased bullish oil bets by the most in four years as negotiators worked overtime to reach a deal over Iran's nuclear programme.

Speculators boosted their net-long position in West Texas Intermediate crude by 21 per cent in the seven days ended March 31, US Commodity Futures Trading Commission data show, the biggest percentage increase since March 2011. Short positions dropped by the most in three months.

Iran and world powers extended talks past a March 31 deadline to reach a preliminary agreement that brings the Persian Gulf nation closer to increasing oil exports. WTI rose 13 per cent from a six-year low in March as US production growth slowed and demand from refineries climbed, signalling sto…