On Tuesday, American crude futures grew for a second day, with data demonstrating hedge funds are betting big across crude markets, following OPEC output cuts agreed the previous year.
American West Texas Intermediate crude CLc1 futures soared 0.5%, hitting $53.67 a barrel, having rallied 0.5% in a shortened session on Monday because of the US national holiday.
Brent futures LCOc1 futures dived 2 cents, getting to $56.16 a barrel, having spent most of the session moderately higher. On Monday, they ended up 0.7%.
Market participants are currently holding more crude futures as well as options than at any time on record, after the previous year members of the OPEC committed to reduce output.
Speculators increased their bets on a surge in Brent crude prices to a record the previous week, as data from the InterContinental Exchange revealed on Monday, thus mirroring the optimism in the American crude market.
