Oil Bulls Stick to Their Guns as Saudis Say Job Isn't Complete - Bloomberg:
OPEC can make or break oil’s bull run, and hedge funds are betting the cartel will keep fueling the rally.
Money managers increased wagers on rising West Texas Intermediate and Brent crude prices to the highest since October ahead of a key meeting of top exporters in Azerbaijan over the weekend. OPEC and its partners need to “stay the course” until June as the group’s job is “nowhere near complete” in terms of restoring oil-market fundamentals, Saudi Energy Minister Khalid Al-Falih said late Sunday.
“As long as we come out of the weekend with stasis, the hedge funds will consider that a positive sign and will continue to support the bull run,” Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York, said before the meeting.
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