Hedge funds are growing more pessimistic about oil prices as sentiment on the global economy sours.
Money managers pushed bets on a decline in Brent crude prices to the highest since mid-January in the week ended July 2, according to data released Friday. It was another sign of waning faith in a week that saw prices drop amid a host of sluggish reports on global manufacturing; that overshadowed a deal by OPEC and its allies to extend supply cuts.
Short-selling bets on Brent climbed by 1.5 percent, according to the ICE Futures Europe exchange. The net-long position -- the difference between wagers on a price increase and those on a decline - fell 2.7 percent to 248,006 options and futures contracts, the least bullish since February.
Data on West Texas Intermediate crude positions won’t be released until Monday, due to the July Fourth holiday in the U.S.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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