Hedge funds are rooting for a quick collapse of the U.S. shale boom. Money managers turned the most bullish since May as West Texas Intermediate crude climbed to a five-month high on optimism that falling U.S. production and rising fuel demand will trim the global glut. Investors shrugged off an inventory gain that left supplies at the highest since 1929. “The market’s focused not on current oversupply but on predictions of a balance in the second half of the year,” said Mike Wittner, head of oil markets at Societe Generale SA in New York. “Managed money is just adding to the upward momentum.” Speculators’ net-long position in benchmark U.S. crude climbed to the highest since May 12 in the week ended April 26, according to data from the Commodity Futures Trading Commission. Short positions dropped to a 10-month low. WTI futures surged 7.2 percent on the […]