Hedge Funds Bet on Oil Rally Just Before Saudis Give It a Boost - Bloomberg

Hedge Funds Bet on Oil Rally Just Before Saudis Give It a Boost - Bloomberg:

Hedge Funds were right on the money for a second straight week as oil gets pulled in opposite directions by Donald Trump and Saudi Arabia.

Money managers increased by 5.4% their net bets that West Texas Intermediate crude would rally even as futures tumbled in the week ended Aug. 6, data released Friday show. That was just in time for a 6.7% price jump in the past two days after Saudi Arabia was said to mull measures to ease the rout.

A week earlier, short-sellers had boosted bets against WTI, before tweets from the U.S. President escalated the trade war with China and tipped the oil market into its biggest plunge since 2015.