With the oil market tightening rapidly due to supply cuts from OPEC+, hedge funds have upped their bullish bets on both Brent and US crude to the highest levels seen in 15 months, according to a report by Bloomberg.

The report cites weekly ICE Futures Europe and CFTC futures and options data as showing that net long Brent and WTI oil bets increased by 43,131 combined positions to 494,888 lots.

That marks a major turnaround in sentiment from the first half of the year when hedge funds held the most bearish stance on oil in around a decade.

Both benchmarks are now up by about 30% since July, when OPEC+, led buy Saudi Arabia, cut output to create a a supply deficit up to the end for the year, to more than $90 a barrel.