LONDON: Hedge funds boosted their position in petroleum for the fourth week running, as bullishness about oil consumption and prices rebounded after the setback in March.
Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to May 4.
Portfolio managers have bought 102 million barrels over the last four weeks, reversing sales of 113 million barrels between the middle of March and early April.
