(Bloomberg) Things are looking up for oil and it’s bringing hedge funds back. They haven’t been so bullish on Brent crude since March, and they increased their net wagers on rising West Texas Intermediate prices by the most since December. The two benchmarks are now both trading above their 200-day moving averages in a sign of strength, with Brent settling above $56 a barrel last week, and WTI above $50.
Oil Market Looking ‘Heck of a Lot Better’ Lures Back Hedge Funds
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