Speculators raise bullish bets on Brent crude

*Offshore oil rig receiving supplies.

*Offshore oil rig receiving supplies.

23 February 2016, London — Oil market investors again increased their bets on rising Brent crude prices last week, data from the InterContinental Exchange showed on Monday, highlighting growing confidence among speculators that oil prices will rebound.

Money managers raised their net long positions on Brent crude by 19,541 contracts to 284,873 in the week ending Feb. 16, the data showed.

This is the highest level since the week ending Feb. 2, which saw net long positions at a five-year high of 292,300 contracts.

Speculators increased their bets on rising prices as Russia and some OPEC members proposed freezing output at current levels, raising hopes that a supply glut that has brought prices to more than 10-year lows could ease.

Investors in gasoil futures reduced their bearish bets at the same time, with net short positions falling to 1,191 contracts, ICE data showed.
*Karolin Schaps; Editing – Greg Mahlich – Reuters

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