Hedge funds had increased long position on oil, those who hope that oil price is going to come down are going to be disappointed.
Hedge-fund managers and other large speculators increased their net-long position in New York crude-oil futures in the week ended May 13, according to U.S. Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 71,767 contracts on the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 8,549 contracts, or 14 percent, from a week earlier.
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