Hedge funds signal trust in Opec as shortsellers retreat

New York

HEDGE funds are giving Saudi Arabia and Russia a big vote of confidence.

As the two oil powerhouses pushed for the extension of supply curbs ahead of Thursday's Opec meeting, money managers shifted their stance on West Texas Intermediate crude to the most bullish since February. That's largely due to a strong decline in shortselling. Bets on rising Brent crude also increased as short positions slumped.