CRUDE OIL UPDATE FOR TODAY

OPEC can make or break oil’s bull run, and hedge funds are betting the cartel will keep fueling the rally.Money managers increased wagers on rising West Texas Intermediate and  prices to the highest since October ahead of a key meeting of top exporters in Azerbaijan over the weekend. OPEC and its partners need to “stay the course” until June as the group’s job is “nowhere near complete” in terms of restoring oil-market fundamentals, Saudi Energy Minister Khalid Al-Falih said late Sunday.“As long as we come out of the weekend with stasis, the hedge funds will consider that a positive sign and will continue to support the bull run,” Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York, said before the meeting.OPEC has signaled commitment to its deal to cut output, helping spur a rally of more than 30 percent for both benchmarks since late December. Plus, sanctions on Iran and Venezuela have helped to tighten global oil supply.

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