Money Managers Are Throwing Their Weight Behind The Oil Price Rally

The prospect of Brent crude reaching $90 per barrel is becoming increasingly realistic, and West Texas Intermediate yesterday touched the highest since 2014. This is fueling a strong bullish sentiment on the oil market. Hedge funds bought more oil and oil product futures than they sold over seven of the last eight weeks, Reuters' John Kemp reported in his weekly fund-buying column. The data Kemp cited shows that hedge funds, which are big buyers of oil futures, serving as a weathervane for market sentiment at any given point, bought the equivalent…