A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. (The opinions expressed here are those of the author, a columnist for Reuters) Hedge funds and other money managers have raised their bullish bets on U.S. crude prices to the highest level since the slump started in the summer of 2014. Saudi Arabia and other OPEC members have successfully pushed oil prices back above $50 by squeezing bearish fund managers (“Saudi Arabia squeezes hedge funds with bearish bets on oil”, Reuters, Oct 10). Hedge funds raised their net long position in the two main futures and options contracts linked to U.S. crude WTI by 39 million barrels to 292 million barrels in the week to Oct 11. The combined position was the highest since July 2014, when WTI prices […]