"Smart money" sniffing out the rebound in oil prices? After the US stepped up sanctions on Russian oil, hedge funds set a record for cutting bearish positions on crude oil.

According to Zhixun Finance APP, after the US government implemented sanctions against Russia's largest oil giants, global hedge funds have cut their short positions on Brent crude futures contracts by the largest margin on record, coinciding with the oil trading market just adjusting to the pessimistic expectation of "oversupply."