Hedge funds have piled into crude oil futures, notching their largest bet on rising prices, say weekly hedge fund figures. Managers have also turned against emerging markets for the first time since October last year.

According to Bank of America Merrill Lynch's weekly hedge fund monitor, hedge funds cut their exposure to emerging markets, commodities, and developed markets outside the US and Canada. When managers left emerging markets, they crowded into crude oil, with net long positions reaching a notional $21.5bn, up from $14.2bn in November.