Hedge Funds Are Sold On $100 Oil

Money managers are placing the most bullish wagers in more than a year,  with many betting that oil prices will soon pass $100 a barrel following a powerful rally triggered by production and export cuts by Saudi Arabia and Russia.  The latest Commitments of Traders (COT) report by the Commodity Futures Trading Commission (CFTC) revealed that combined net long positions in Brent and West Texas Intermediate by hedge funds jumped by 137,000 contracts, or 35 per cent, to an 18-month high of 527,000 contracts in the first two weeks to September…