Although oil prices are nearing record highs, mutual fund managers appear confident that they will go even higher as the summer driving season approaches.
Their bullish attitude helped push light crude to a new peak of $75 a barrel on Friday, according to Reuters.
Deborah White of
Oil has surged 23% this year on the worries over supply and the activity of investment managers. Political tension between the U.S. and Iran, which is the world's fourth biggest exporter of oil, has also had an impact.
"We haven't seen significant demand destruction," Savage told Reuters. "The key thing here is that high prices are not due to fundamentals. The market is trying to find that break point.
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