Investors see oil break out of narrow range with record bets

NEW YORK (Feb 28): Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally.

Money managers boosted their bets on rising West Texas Intermediate prices to a record on speculation that the Organization of Petroleum Exporting Countries and its partners will manage to ease a global supply glut. America’s crude producers, which are increasing output, aren’t so sure. They’ve been hedging against price declines for this year and 2018.

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