Hedge Funds Oil Price
Hedge Funds Increase Bullish Bets on Oil to 4-Year High
Hedge funds ramped up bullish bets on oil to the highest level since at least June 2006 as the Federal Reserve enacted stimulus measures, helping drive crude to a two- year high and weakening the dollar.
The funds and other large speculators increased wagers on rising crude prices by 8.6 percent in the seven days ended Nov. 2, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. So-called net-long positions climbed to a record for the CFTC data available.
The Fed said Nov. 3 it will buy an additional $600 billion of Treasuries to spur job growth in a second round of quantitative easing, known as QE2. U.S. payrolls rose more than forecast in October, the Labor Department said Nov. 5, also helping boost crude futures. The Dollar Index, which tracks the U.S. currency against those of six major trading partners, slipped 0.9 percent last week and is down 13 percent since this year’s June 7 peak. Source
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