Speculative investors expanded their bullish exposure to crude in the week when benchmark prices posted a 14% rally, according to Commitments of Traders data covering the period to 20 June. Net long positions held by hedge funds and other money managers across three major WTI and Brent contracts climbed 23% to 405,400 lots, the highest level in five months. The build was driven by a 39,200-contract reduction in shorts and a 37,000-contract increase in longs, signaling greater confidence that prices can extend recent gains. Positioning in U.S. benchmark WTI was more mixed. Separate CFTC figures for the week to 17 June show money-manager net length in NYMEX WTI futures and options slipping by 2,878 contracts to 176,256 as some long-only accounts pared exposure. Short-only positions also declined, while ‘other reportables’ boosted their net length by almost 35,000 contracts, suggesting divergent views among professional traders. UBS said in a note that hedge funds have been increasing exposure to crude during the recent price weakness and are adding upside bets through call options and call spreads, indicating continued appetite for bullish strategies even after the market’s sharp rebound.