Oil rises amid investor optimism
Brent edges up to $56.24 as data show hedge funds are betting big across oil markets following the Opec production cuts agreed last year
Tokyo — Crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following the Opec production cuts agreed last year. US West Texas Intermediate (WTI) crude was up 31c, or 0.6%, at $53.71 a barrel at 2.18am GMT, after rising about 0.5% in a shortened session on Monday due to a US national holiday. Brent futures gained 6c, or 0.1%, to $56.24 a barrel, after ending the previous session up 0.7%. Investors now hold more crude futures and options than at any time on record, after members of oil cartel Opec committed last year to cut production. Speculators raised their bets on a rally in Brent oil prices to a record last week, data from the InterContinental Exchange showed on Monday, mirroring the optimism in the US crude market. Data on Friday showed net long US crude futures and options positions in the week to February 14 were at a record. "As bullish positioning by hedge funds continues to push on in unchartered territory, the r...
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