Hedge Funds Bet Big on US Crude Amid Global Supply Disruptions

Hedge funds have made their largest bullish bet on WTI crude oil since March, increasing their bets by a significant margin.

The reason behind this move is the ongoing supply disruptions in key shipping routes such as the Red Sea and Russia's Black Sea coast. As a result, countries are turning to US crude oil, leading to elevated exports from the US.

According to the latest CFTC data, money managers boosted their bets on West Texas Intermediate (WTI) by 21,402 lots last week. This is a significant increase that highlights the growing demand for US crude oil in the global market.

As long as international disruptions continue, it's likely that US crude will remain in the spotlight for buyers around the world.