Hedge funds' oil forecast

According to hedge funds, the direction of oil prices will be upward. According to Commodity Futures Trading Commission data, fund managers increased their positions that US crude oil prices will increase to the highest level since February 2022. The increase in oil prices in the last three months has caused hedge funds to change their preferences. Funds had taken the most pessimistic position regarding oil prices in the last six months of the year in approximately the last 10 years. While the economic outlook showing signs of improvement in the US and China and supply cuts by Saudi Arabia and Russia support prices, the number of institutions making $100 Brent predictions is also increasing. Finally, Goldman Sachs predicted that Brent would exceed $100 within the 12-month forecast horizon. Oil prices are starting the new week with an increase. While the WTI November contract was traded at $90.15, up 0.1 percent, the Brent November contract increased 0.2 percent and found buyers at $93.46.