LONDON: Speculators lifted their net long positions in Brent crude and in gasoil futures and options to reach fresh highs in the week to March 27, exchange data showed on Monday, as prices continued to post gains ahead of the quarter's end.
Bets that Brent would continue to post gains rose to the highest level since the Inter Continental Exchange (ICE) started publishing data in June last year.
Hedge funds and other money managers increased their combined net long positions in ICE Brent futures and options by 11,305 contracts to 150,883 in the week to March 27, according to the ICE.
The record high tracks an increase in Brent future prices of around 1.14 percent during that week, as the market initially dismissed talk of a potential stock release by some Western nations to contain prices.
Net longs in Brent during the week were also above the first-quarter average of around 108,203, according to Reuters calculations based on the data, tracking a gain in Brent futures prices in the year to March 27 of 16.91 percent.
The data contrasts with figures published by the US Commodity Futures Trading Commission (CFTC) last Friday showing speculators trimming net longs on US crude oil futures and options positions in the same period by 8,528 contracts to 261,652.
Money managers and hedge funds also increased their net long positions in gasoil by 5,210 contracts to 84,146.
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