(Bloomberg) Hedge funds reduced record bets on falling oil prices ahead of the biggest two-day rally since 2008.West Texas Intermediate futures rebounded from a 12-year low last week, part of a broad rally in global markets fueled by speculation that central banks will expand stimulus measures. Pierre Andurand, the founder of $615 million Andurand Capital Management who correctly predicted the slump in prices, said oil will end the year higher.
Hedge Funds Cut Bearish Oil Bets Before Rebound From 12-Year Low
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