Hedge Funds Cut Brent Oil Net-Long Positions by 5,431 Lots
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 60,004 lots, the London-based exchange said today in its weekly Commitment of Traders report. That compares with net-longs of 65,435 contracts a week earlier.
Bearish bets by producers, merchants, processors and users of Brent outnumbered bullish positions by 157,527 lots, compared with 162,729 lots last week. Swaps dealers were net-long 107,355 positions, from 108,688 a week earlier. Futures declined 2.7 percent in the week to July 10 to settle at $97.97 a barrel on the ICE exchange, and traded at $102.46 as of 11:51 a.m. local time today.
Money managers’ net-long bets on ICE gasoil futures and options increased 4.6 percent to 28,235 positions, compared with 27,002 contracts last week, according to the data.
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