Hedge funds are in love with crude oil

Hedge funds love crude oil.

Oil prices are recovering from the crash, and hedge funds have made big bets that oil prices will keep rallying.

According to a report from Societe Generale, hedge funds are most bullish on crude oil among major commodities, or betting that the price of oil will rise.

Overall, hedge funds are still negative on commodity prices.

On Tuesday, West Texas Intermediate crude oil climbed above $US60 per barrel to a make a new year-to-date high and cracking $US60 for the first time since December.

Brent crude also reached its highs for the year.

On Wednesday, WTI was up another 2% to nearly $US62 a barrel.

The data is based on non-commercial positions reported to the CFTC, and is updated as of April 28.

NOW WATCH: Mark Cuban’s 12 rules for starting your own business

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.