Brent Oil Bull Bets Fall Most Since January as Iraq Fears
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Hedge funds and other money managers cut net bullish bets on Brent crude by the most since January as concerns eased that Iraq’s oil output will be disrupted by a militant uprising.
Speculative bets that prices will rise for Brent, in futures and options combined, outnumbered short positions by 151,981 in the week to July 15, according to data from the ICE Futures Europe exchange. The 25 percent slump was the biggest since the week to Jan. 7. Prices for the North Sea benchmark fell 2.7 percent to $106.02 a barrel in the period.