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Brent speculators cut bullish bets to lowest since February

Published 2016-07-11, 07:13 a/m
© Reuters. Brent speculators cut bullish bets to lowest since February
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LONDON, July 11 (Reuters) - Speculators in Brent crude cut
their holdings in oil futures to their lowest since February
amid worries that Britain's decision to leave the European Union
would stall growth and as global supply outages eased.
Data from the InterContinental Exchange on Monday showed
investors cut net long positions by 14,787 contracts to 312,270
in the week to July 5, their lowest since February 22.
Oil hit its lowest in more than a decade in January at
around $27 per barrel due to an oil glut but has recovered since
to $50 per barrel supported by supply outages from Canada to
Nigeria.
But as Canadian and Nigerian supply gradually returned to
the market in June, worries that the market's glut could persist
well into 2017 have returned.
On Friday, data from the U.S. Commodity Futures Trading
Commission showed hedge funds were holding the smallest numbers
of bullish bets on U.S. crude oil since March.

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