Hedge funds are becoming increasingly bullish on oil prices amid signs of slowin...
LONDON - Hedge funds are becoming increasingly bullish on oil prices amid signs of slowing production growth as a result of output cuts by Saudi Arabia and a reduction in U.S. shale drilling.
Funds have boosted their bullish position in the six major contracts by a total of 421 million barrels over the last 11 weeks, according to position reports published by regulators and exchanges. Hedge funds also bought 13 million barrels of Brent contracts in the most recent week and have purchased a total of 186 million since Dec. 11 .
Oil traders have become less worried about over-supply as Saudi Arabia and its allies in the expanded OPEC group of oil exporters have cut their production sharply. At the same time, U.S.-China trade tensions and fears about a global recession have eased somewhat, and investors are increasingly optimistic the U.S. Federal Reserve will cut interest rates if growth slows any further.
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