Hedge funds increase Brent oil bets

LONDON: Hedge funds and other large investors raised their bets on higher Brent crude oil prices in the week to February 11, data from the InterContinental Exchange (ICE) showed on Monday, rebounding after dropping to the lowest level in over a year.

The money manager group increased its net long positions by 24,947 contracts to 109,223 in the week to February 11. The previous week's net longs had dropped to the lowest level since November 2012.

Net longs in the benchmark ICE gasoil contract also rose last week, climbing by 8,387 contracts to 53,876.