Investors Growing More Bullish On Oil

Investors are becoming increasingly bullish on crude oil, with trading activity on the most popular crude and fuels contracts off to a strong start of the year. Reuters’s John Kemp reported yesterday that hedge funds had increased their purchases of crude oil and fuels by the equivalent of 51 million barrels in the week to January 12.

This, Kemp noted, was the biggest weekly buying spree for the past seven weeks, bringing the total to 540 million barrels of oil equivalent since mid-November. Bloomberg also notes a sharp uptick in buying on…