Oil Prediction Most Bullish Since 2014

… the number of hedge funds that are bearish Oil have dropped aggressively after the OPEC deal per the CFTC’s Commitment of Trader’s report. The net positioning is now the most bullish since 2014 as the aggregate bearish WTI bets have fallen over 50% in the last three weeks. This drop in bearish positioning has removed a major headwind for Oil, and any strong move higher will likely have fewer participants fighting and more joining.

Oil Prediction Most Bullish Since 2014, class action lawsuits will probably go unfounded or one-time write-off and leads to a buying opportunity (CHK: down $0.21 or 3.20%). Other oil peers finished flat or were up fractionally (XOM, CVX, APA).

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