March 23, 2018 / 8:13 PM / a year ago

Hedge funds, other money managers raise U.S. crude oil net longs-CFTC

NEW YORK (Reuters) - Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to March 20 after two weeks of cutting bullish bets, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

The speculator group raised its combined futures and options position in New York and London by 34,575 contracts to 488,438 during the period.

U.S. crude prices CLc1 rose more than 4 percent to $63.81 during the week covered in the report, boosted by larger-than-expected draws on U.S. inventories.

Prices have continued to rise, bolstered by Saudi statements that OPEC and Russian-led production curbs could be extended into 2019.

Speculators raised their short bets 3067651MSHT for a third week.

Among refined products, speculators raised net long bets on gasoline 3111659MNET to 89,234 contracts, after cutting them to a three-month low earlier this month.

In ultra-low sulfur diesel HOc1, the group raised its net long positions after 3022651MNET after two weeks.

Reporting By Jessica Resnick-Ault; Editing by Susan Thomas

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