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Hedge Funds Cut Brent Crude Net-Longs From Three-Month High

Hedge funds and other money managers cut bullish bets on Brent crude from a three-month high, the first reduction in seven weeks, according to data from ICE Futures Europe.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 160,033 lots in the week ended June 11, the London-based exchange said today in its weekly Commitments of Traders report. The reduction of 4,871 contracts is the first since April 23.