Traders Turning Bullish On Saudi Supply Cuts

Hedge funds and other money managers are back to piling bullish bets on oil, expecting Saudi Arabia’s production cuts this summer to have put a higher floor under prices.   The combined net long – the difference between bullish and bearish bets – in WTI and Brent jumped by the most in three months in the period from July 3 to July 11, the latest commitment of traders reports show. Including fuels, buying in the six most important petroleum futures and options contracts saw one of the biggest increases over the past decade. …