Hedge funds and other money managers cut bullish bets on Brent crude to the lowest level in four months, according to data from ICE Futures Europe.
Speculative bets that prices will rise, in futures and options combined, outnumbered long positions by 116,880 lots in the week ended April 9, the London-based exchange said today in its weekly Commitment of Traders report. The cut of 25,212 contracts, or 18 percent, is the first in four weeks and reduces net-longs to the lowest since Dec. 18.
