US-Iranian tensions and curbed output in Saudi Arabia prompted hedge funds to modestly increase their bullish positions in the six most important petroleum futures and options contracts during the week ending Jan. 7, adding only 19 million barrels. "[T]he number of bullish positions is now at its highest for 15 months and is already in the 82nd percentile for all weeks since 2013, which may have made fund managers wary about increasing their exposure any further," writes analyst John Kemp.
Analysis: Hedge funds slow down on bullish oil positions
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