Bloomberg – Hedge funds retreated from bearish oil bets as rising tension with Iran, OPEC’s second-largest producer, pushed crude to more than $100 a barrel.
The funds and other large speculators increased wagers on rising prices by 2.6 percent in the seven days ended Nov. 29, according to the Commodity Futures Trading Commission’s Commitments of Traders report on Dec. 2. They had cut so-called long positions, bets on rising oil, by the most since August the previous week, the Washington-based CFTC said.
