Hedge funds increase appetite for oil: Kemp | Reuters

Hedge funds increase appetite for oil: Kemp | Reuters:

Hedge funds bought another 65 million barrels of petroleum futures and options in the week to March 19, taking total purchases over the last 10 weeks to 384 million barrels, according to reports published on Friday.

The one-week increase in net long positions was the largest since the end of August 2018, a strong bullish signal about the expected direction of prices over the next six months.

Hedge funds and other money managers have boosted their overall bullish position in the six most important derivative contracts linked to crude and fuels prices to 685 million barrels, up from just 302 million on Jan. 8.