Hedge Funds Cut Brent Crude Net-Longs to Lowest in 14 Months
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Hedge funds and other money managers reduced bullish bets on Brent crude to the lowest level in 14 months, according to data from ICE Futures Europe.
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 85,658 lots in the week ended Jan. 14, the London-based exchange said today in its weekly Commitments of Traders report. The cut of 14,438 contracts, or 14 percent, is the second weekly reduction and brings net-longs down to their lowest since Nov. 13, 2012.