Hedge funds eye oil's year-end 'high note' after bumpy 2017

New York

OIL'S bumpy ride to higher ground this year is winding down with a good dose of optimism that 2018 will be even better.

Hedge funds boosted their bets on rising Brent crude to a record, with bullish wagers on West Texas Intermediate (WTI) oil near a nine-month high. The optimism is largely fuelled by confidence that the extension of Opec (Organization of the Petroleum Exporting Countries) output curbs will tighten up markets next year.

"In general, money managers are ending the year on a high note, certainly a little more optimistic than where they started and where we were at the middle of the year," said Ashley Peter…