Hedge funds boosted their bullish wagers on Brent and US crude to a 15-month high as supply cuts from OPEC+ rapidly tighten the oil market.
Money managers increased their net long Brent and WTI oil bets by 43,131 combined positions to 494,888 lots, weekly ICE Futures Europe and CFTC futures and options data on four contracts showed, the highest in about 15 months.
The positioning by hedge funds marks a major turnaround from the gloom in the first half of the year, when the group held the most bearish stance in about a decade. Both benchmarks have now surpassed $90 a barrel, surging about 30% since June as the cartel, led by Saudi Arabia, cut output and create a supply deficit through the end of the year.
