Hedge funds boosted their bullish bets on crude oil at the fastest pace in over a month as US President Donald Trump’s threat of additional levies on Russia drove fears about tighter supplies.
Money managers increased their combined net-long position on West Texas Intermediate and Brent by 39,779 lots to 299,295, in the week ending July 29, according to data from ICE Futures Europe and the US Commodity Futures Trading Commission compiled by Bloomberg. That was the biggest increase since mid-June, when the conflict between Israel and Iran escalated.