LONDON: Prospective disruption to Russia’s petroleum exports from the planned G7 price cap as well as the reduction of OPEC+ production targets are encouraging more hedge funds to build bullish positions in the crude oil market.

The net position in crude had climbed to 414 million barrels (30th percentile for all weeks since 2013) up from a recent low of 314 million barrels (10th percentile) at the end of September.

Bullish long positions outnumbered bearish short ones by a margin of 5.09:1 (60th percentile) up from 3.78:1 (37th percentile) in late September.