The slump in oil that drove U.S. prices down as much as 50% from this year’s high is spurring the most bullish bet by hedge funds in four months.
The slump in oil that drove U.S. prices down as much as 50% from this year’s high is spurring the most bullish bet by hedge funds in four months.
The slump in oil that drove U.S. prices down as much as 50% from this year’s high is spurring the most bullish bet by hedge funds in four months.
Crude oil prices rebounded from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.
Speculators added to wagers that the slump in oil futures, the worst since the global recession, is ending. Prices kept falling anyway.
Brent crude advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that OPEC will curb output.
West Texas Intermediate dropped to the lowest level in more than two years after Saudi Arabia reduced the cost of its oil to U.S. customers in the face of soaring North American output.
Hedge funds cut bullish holdings in crude as record U.S. output added to a global supply glut, spurring the longest losing streak in prices in six years.
West Texas Intermediate oil tumbled into a bear market on concern rising global supplies will be more than enough to meet slowing demand.
Hedge funds increased bets on rising oil prices just before crude futures tumbled to a 17-month low on signs that global supply is outstripping demand.