LONDON: Large speculators raised their net long positions in Brent crude oil futures and options to a record high in the week to Aug. 13 as oil supplies from Libya fell, tightening the global crude market.
Data from the IntercontinentalExchange (ICE) showed on Monday that money managers increased their net long positions in the North Sea benchmark by 4,738 contracts to 193,527, the highest recorded since ICE position data became available in 2011.
The previous high for Brent net long positions was 192,195 in the week to Feb. 8. Money managers reduced their net longs for gasoil by 1,397 contracts to 57,653, the ICE figures showed.
"The Brent market is very optimistic on prices," said Carsten Fritsch, oil analyst at Commerzbank.
"Supply disruptions have been pushing prices higher and as long as the market remains tight there is little chance of an immediate sell-off," he added.
Libya's oil production and exports have been crippled by violence and strikes, pushing exports to the lowest level since the 2011 civil war, around 1 million barrels per day below recent peaks.
Front-month Brent futures closed at $109.82 a barrel on Aug. 13, up from $108.18 a week earlier.
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