BS Investors deliver biggest cut to bullish Brent bets in two years
[LONDON] Speculators last week made the biggest cut in more than two years to bets that oil prices will rise, InterContinental Exchange (ICE) data showed, with little sign of producers agreeing an output freeze.
Members of the Organization of the Petroleum Exporting Countries (Opec) are meeting informally on the sidelines of this week's International Energy Forum in Algeria, where they will discuss a possible deal to limit output.
However, oil prices fell nearly 5 per cent last week as Saudi Arabia and rival Iran seemed to make little progress in achieving a preliminary agreement.
Money managers cut their net long holdings of Brent crude futures and options by 47,071 contracts to 312,102 lots in the week to Sept 20, an ICE report showed on Monday.