Hedge Funds Bullish On Oil Despite Demand Fears

Money managers are betting again on rising oil prices, positioning themselves for a potential large disruption in the market in just three weeks when the EU embargo on Russian crude oil imports by sea and the EU-UK-G7 price cap on Russian oil are set to enter into force.   Over the past few weeks, hedge funds and other investors have increased bullish bets in the six most important petroleum futures and options contracts traded globally, according to data from futures exchanges. The move suggests that money managers expect the oil market…