Oil prices rise amid large bets on rising crude


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Oil futures rose for a second straight day on Tuesday, data showed that hedge funds are betting heavily on the crude markets after OPEC's agreement last year to reduce production.

Rose WTI US 34 cents, or 0.6 percent, to $ 53.74 a barrel by 0733 GMT, after increasing 0.5 percent in a short session Monday as a public holiday in the United States.

The futures rose to global crude measurement Brent 14 cents to $ 56.32 a barrel, after rising 0.7 percent on Monday.

Investors are now kept crude futures contracts and options than ever after members of the Organization of Petroleum Exporting Countries has pledged to countries (OPEC) last year to reduce production.

Speculators increased bets on higher Brent crude prices to a record high last week, reflecting the optimism in the US crude market.