LONDON – Hedge funds continue to bet on a recovery in oil prices, but their bullishness is concentrated on crude, especially U.S. crude, while refined fuel markets are expected to take longer to tighten. Hedge funds and other money managers purchased the equivalent of 26 million barrels of futures and options in the six most important contracts in the week ending on May 26. Portfolio managers have been buyers in eight of the last nine weeks, purchasing a total of 318 million barrels, having previously sold 688 million barrels since the start of the year.