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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

Published Tue, Feb 24, 2015 · 09:50 PM
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Houston

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 Trading Commission (CFTC) data show.

KEYWORDS IN THIS ARTICLE

oil
Oil prices

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