Hedge Funds Bet on Oil Rally Just Before Saudis Give It a Boost
- Net-bullish wagers on WTI rise ahead of Saudi-led rebound
- That follows surge in short-selling before Trump-driven rout
Photographer: Simon Dawson/Bloomberg
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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 sessions after Saudi Arabia was said to mull measures to ease the rout.