Hedge Funds Boosted Brent Oil Bull Bets Just Before Slump to $80
This article is for subscribers only.
Hedge funds and other financial traders increased bullish bets on Brent crude to the highest in two months last week, just before the global oil benchmark plunged below $80 a barrel for the first time in four years.
Money managers’ net wagers on rising prices rose 17 percent to 66,636 contracts during the week ended Nov. 11, according to figures from the ICE Futures Europe exchange today. A day after the report period, Brent futures fell to $79.72, the lowest since September 2010, and have decreased since.