(Corrects price direction in second paragraph.)
Hedge funds and other money managers cut bullish bets on Brent crude by 1,453 contracts in the week ended Feb. 19, according to data from ICE Futures Europe.
Speculative bets that prices will rise, in futures and options combined, outnumbered long positions by 190,701 lots, the London-based exchange said today in its weekly Commitment of Traders report.
ICE publishes, usually each Monday, aggregate numbers for long and short positions for speculators such as hedge funds and institutional investors, as well as commercial companies that buy or sell futures to protect against price moves. Analysts and investors follow changes in speculators’ positions because such transactions can reflect an expectation of a change in prices.