Hedge funds boosted bullish bets on Brent crude to a six-week high amid Saudi Arabia’s surprise move to deepen output cuts.

Money managers raised bullish bets for a third straight week, according to exchange data released on Friday. The shift came as Saudi Arabia pledged to make an extra 1 million barrel reduction in daily output starting next month to “stabilize” the market, shorthand for halting a price slump. Saudi Energy Minister Prince Abdulaziz bin Salman’s warning that speculators better “watch out” already was hanging over the market.

In the lead up to last weekend’s OPEC+ meeting, non-commercial players such as hedge funds had amassed the most bearish stance in over a decade across major oil contracts such as crude, diesel and gasoline. Despite the output cuts, oil prices have failed to rally as investors remain focused on the global economic outlook.

--With assistance from Julia Fanzeres.