Oil is on its longest bull run in 13 years, fueling a rally that has US President Donald Trump fretting about higher prices.
Hedge funds have increased bullish sentiment on US crude prices for the last nine weeks, the longest such run since 2006, according to data released on Friday. Almost 14 times as many bets have been placed on prices going up as on a decline, as investors see supply threats multiplying around the globe.
Gasoline prices have risen in tandem this year, and Trump on Friday said that he has pressured Opec to boost output to reverse the trend. That helped stall a rally that drove oil to a six-month high, partly due to tightened US sanctions against Iran. But the ebullient tilt in speculative wagers suggested a correction was likely no matter what, said Phil Flynn of Price Futures Group Inc.
