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Hedge funds, money managers raise bullish oil bets as drillers idle rigs

US rigs have tumbled 35% since Dec 5 to the fewest since 2011, outlays for exploration to fall by more than US$116b in 2015


SPECTATORS raised bullish oil bets for the first time in five weeks as producers curbed new drilling.

Hedge funds and other money managers increased net-long positions in West Texas Intermediate (WTI) crude by 2.7 per cent in the week ended Feb 17, US Commodity Futures