Crude Oil Market: Hedge Funds Are Bullish

(Yahoo Finance) November WTI (West Texas Intermediate) crude oil futures contracts rose for the second day in a row. Prices rose slightly by 0.40% and settled at $49.63 per barrel on Friday, October 9, 2015. WTI prices advanced due to slowing US production and the improving demand consensus. The US benchmark following ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) diverged from the direction of crude oil prices in Friday’s trade. These ETFs fell by 0.31% and 0.78%, respectively, on October 9, 2015.

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