Oil climbed, marking a resumption of a price rally that has been fueled in part by hedge fund wagers that supplies will tighten.
West Texas Intermediate futures rose as much as 0.9% to trade above $90 a barrel. Speculators boosted their bullish positions on WTI to the highest since February 2022, while key gauges on the nearest part of the futures curve have rallied in recent days, pointing to striking market tightness. Some real-world barrels continue to command hefty premiums.