| Hedge funds slashed their bets on falling oil prices, leaving them the most bullish in two months as the Organization of Petroleum Exporting Countries (Opec) called for a return to $80 crude. Money managers' net-long position in West Texas Intermediate rose by 14,821 contracts to 147,678 futures and options in the week ended September 15, according to data from the Commodity Futures Trading Commission (CFTC). That's the highest level since July 7.
Opec expects crude prices to rise to $80 by 2020 as output falls elsewhere. US production could sink by the most in 27 years in 2016 as the price rout extends a slump in drilling. Speculators closed out short positions two days before the Federal Reserve decided not to raise key US interest rates...............................................Full Article: Source
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