US crude prices rise as investors bet big on oil strength

US crude prices rise as investors bet big on oil strength
US crude prices rise as investors bet big on oil strength

U.S. crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year.

U.S. West Texas Intermediate crude was up 23 cents at $53.63 a barrel at 0032 GMT. It gained about 29 cents, or 0.5 percent, on Monday, which was a shortened session due to a U.S. national holiday.

Brent futures were yet to trade, after ending the previous session up 0.7 percent at $56.18 a barrel.

Investors now hold more crude futures and options than at any time on record, after members of the Organization of the Petroleum Exporting Countries (OPEC) committed last year to cut production.

CNBC

Get the latest news delivered to your inbox

Follow us on social media networks