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Hedge Funds Cut ICE Brent Crude Net-Longs by 11,809 Lots

Hedge funds and other money managers cut bullish bets on Brent crude by 11,809 contracts in the week ended April 3, data from ICE Futures Europe showed.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 139,074 lots, the London-based exchange said today in its weekly Commitment of Traders report. The figure marks a 7.8 percent decrease in speculators’ net-long positions from the previous week, according to ICE data.