Crude futures moved higher Tuesday as investors held onto their bullish positions, betting on the supply to tighten as major oil producers cut their output.
On the New York Mercantile Exchange, light, sweet crude futures or the West Texas Intermediate for delivery in March (XNYM:CLH7) traded at $54.07 a barrel, up 30 cents, or 0.6% in the Globex electronic session. April Brent crude (IFEU:LCOJ7) on London’s ICE Futures exchange rose 10 cents to $56.28 a barrel.
“Despite prices stuck in a tight trading range, Commodity Futures Trading Commission data showed investors raised their net long positions in WTI and Brent to a record high level,” said ANZ Research.
Last week, hedge funds and other big money managers increased their net long position — a bet on rising prices — in Brent crude oil to the highest level since records started in 2011, the Intercontinental Exchange Inc. said Monday. This mirrors the U.S., where funds have raised theirRead More »from Oil prices rise as investors increase their bullish bets