Hedge Funds Oil Libya

Hedge Funds Raising Oil Bets Associates | Hedge Fund Notes

Hedge funds are raising oil bets in light of the political events in Libya. The north African country is Africa's third largest and the political turmoil has pushed gas prices beyond $100 a barrel for the first time in two years. Hedge funds are viewing this an opportunity to make money off the rising price of oil.

Hedge funds raised bullish oil bets to a record as violent clashes in Libya curbed output from Africa's third-largest producer, driving crude to $US100 a barrel for the first time in more than two years.

The funds and other large speculators increased net-long positions, or wagers on rising prices, by 30 percent in the seven days ended February 22 to 240,572 futures and options combined, the highest in records dating back to June 2006, according to the Commodity Futures Trading Commission's weekly Commitments of Traders report.

Oil in New York surged to a 29-month high of $US103.41 a barrel on February 24 as Libyan leader Muammar Qaddafi vowed to crush an uprising that threatens his 42-year rule. Protests were ignited by the ouster of Tunisia's president last month and fanned by the February 11 fall of Egyptian President Hosni Mubarak. Source

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