Oil Traders Increase Price-Rise Bets for Fourth Week, CFTC S
Bloomberg.com
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Hedge-fund managers and other large speculators increased their net-long positions, or bets that oil prices will rise, for a fourth week, according to the U.S. Commodity Futures Trading Commission.
The wagers that prices will climb outnumbered those that prices will fall by 109,314 contracts in the week ended March 9, according to the commission’s Commitments of Traders report on March 12.
“The best buying came again from managed money covering shorts and getting long,” said Peter Beutel, president of trading adviser Cameron Hanover Inc. in New Canaan, Connecticut. “The economy looking stronger and equities markets moving higher are the factors pushing prices higher.”
Open interest rose 50,806 contracts to 1.3 million during the period, according to the CFTC report.
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