Hedge Funds Oil Bets
Hedge Funds Raise Bullish Oil Bets to Four-Week High
Hedge funds raised bets on higher crude prices to a four-week high as increased airstrikes in Libya raised concerns about production after the country's conflict ends and the dollar weakened against the euro.
Funds and other large speculators increased net-long positions, or wagers on rising prices, by 4.5 percent in the seven days ended April 5, according to the Commodity Futures Trading Commission's weekly Commitments of Traders report. Open interest, the number of contracts that haven't been closed or delivered, rose 17 percent this year, the data showed.
Oil rose 4.5 percent last week to $112.79 a barrel on the New York Mercantile Exchange, bringing this year's advance to 23 percent, as NATO escalated its air campaign over Libya. Prices reached a 30-month high as anti-government protests erupted in the Middle East and north Africa, disrupting supplies from Libya and igniting concern the unrest may spread to other oil-producing nations such as Saudi Arabia. Source