Hedge funds make record bet on rising oil prices
Investors back Opec’s supply cuts to tighten crude market and protect against inflation
Investors see reasons more directly linked to oil’s output behind the surge in crude buying by funds. Photograph: Reuters
Hedge funds have amassed the biggest ever bet on rising oil prices as investors back Opec’s supply cuts to tighten the crude market and seek protection against fears of inflation.
Data from regulators and exchanges showed speculators have built long positions equivalent to almost 1bn barrels of crude across the major contracts, while short positions amount to just 111m barrels.