(Bloomberg) -- OPEC is finally making some headway in its race against the tide of surging U.S. supplies, and speculators are giving the group greater credence.

Hedge funds boosted bets on higher West Texas Intermediate crude prices a second week as futures topped $53 a barrel for the first time in a month, U.S. Commodity Futures Trading Commission data show. While more OPEC members are seen ready to extend output cuts, U.S. crude stockpiles dropped from a record. Fuel supplies are shrinking week after week at a time refineries are stepping up their crude processing ahead of the summer driving season.

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