The oil bulls are snorting:
The OPEC trade is back, and Saudi Arabia is in the driver’s seat.
Just before the de facto OPEC leader doubled down on its plan to drain the oil glut, propelling Brent crude prices beyond $US60 ($78) a barrel for the first time since 2015, hedge funds were almost as bullish on the global benchmark as they’ve ever been. Short-sellers retreated to levels last seen in February, when OPEC production cuts were fuelling an oil price surge.
