Brent Crude Short-selling Rises to Five-month High

Graphic for News Item: Brent Crude Short-selling Rises to Five-month High

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%, 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% to 248,006 options and futures contracts, the least bullish since February.

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Data on West Texas Intermediate crude positions won’t be released until Monday, due to the July Fourth holiday in the U.S.

Source: www.worldoil.com

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