Hedge funds make biggest bullish WTI bets since March
Business
Hedge funds just made their biggest bullish move on US crude oil since March, betting big as the world faces fresh supply headaches.
According to the latest CFTC data, money managers boosted their bets on West Texas Intermediate (WTI) by 21,402 lots last week.
The reason? Ongoing attacks and tensions in key shipping routes like the Red Sea and Russia's Black Sea coast are making non-US oil harder to get.
Countries turn to US crude
With global supplies getting squeezed, more countries are turning to American oil, and US exports remain elevated by historical standards.
As long as these international disruptions continue, expect US crude to stay in the spotlight for buyers around the world.