Hedge Funds Bolster Brent Crude Net-Longs to Three-Week High
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Hedge funds and other money managers raised bullish bets on Brent crude to their highest level in almost five months in the week to July 9, according to data from the ICE Futures Europe exchange.
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 176,988 lots, the London-based exchange said today in its weekly Commitments of Traders report. The increase of 28,458 lots, or 19.2 percent, is the biggest in percentage terms since November, 2012, and brings net-long positions to their highest since June 18.