Oil speculators most bullish on price in two months

Hedge funds slashed their bets on falling oil prices, leaving them the most bullish in two months as Opec called for a return to $80 crude.

Money managers’ net-long position in West Texas Intermediate rose by 14,821 contracts to 147,678 futures and options in the week ended September 15, according to data from the Commodity Futures Trading Commission.

In contrast, traders curbed their bullish positions in European benchmark Brent by the most in a month. The Organization of Petroleum Exporting Countries assumes crude prices will rise to $80 by 2020 as output falls elsewhere. US production could sink by the most in 27 years in 2016 as the price rout extends a slump in drilling.