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(Bloomberg) — Hedge funds boosted bullish bets on Brent crude to a six-week high amid Saudi Arabia’s surprise move to deepen output cuts.
Money managers raised bullish bets for a third straight week, according to exchange data released on Friday. The shift came as Saudi Arabia pledged to make an extra 1 million barrel reduction in daily output starting next month to “stabilize” the market, shorthand for halting a price slump. Saudi Energy Minister Prince Abdulaziz bin Salman’s warning that speculators better “watch out” already was hanging over the market.
In the lead up to last weekend’s OPEC+ meeting, non-commercial players such as hedge funds had amassed the most bearish stance in over a decade across major oil contracts such as crude, diesel and gasoline. Despite the output cuts, oil prices have failed to rally as investors remain focused on the global economic outlook.
Source: Investing.com