(MENAFN- ProactiveInvestors)
Hedge funds and other money managers are betting that oil prices will rise increasing net-long positions in West Texas Intermediate crude by 2.7% in the week ending 17th February 2015.
Futures rose 7% in the report week as companies including Total SA and Apache Corporation (NYSE:APA) said they would cut spending and curb drilling.
The number of oil rigs in the U.S. tumbled 35% to 1019 since 5th December to the lowest point since 2011.
WTI futures rose US$3.51 to US$53.53 a barrel on the New York Mercantile Exchange in the week covered by the report.
Crude is currently trading at US$50.81 a barrel.
U.S. crude output rose to 9.28 million barrels a day the week of Feb. 13 the highest weekly level on record in Energy Information Administration data going back to 1983. U.S. output will increase 7.8 percent to 9.3 million barrels a day this year the most since 1972 the EIA estimates.
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