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Oil surges into the close to settle above $50, posts best monthly gain since April 2016

“U.S. crude oil surged into the close of trading to settle above the key psychological level of $50 a barrel” writes Tom Dichristopher for Still, hedge funds and money managers have begun raising their bets that oil prices will rise in recent weeks.U.S. West Texas Intermediate crude ended Monday’s session up 46 cents at $50.17, its first close above $50 a barrel since May 24. The volume of bullish bets on U.S. crude mostly fell from the end of February through the end of June.

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