Hedge Funds Shun WTI While Brent Hits 12-Week High

Brent prices reached a 12-week high on Friday, while WTI Crude
prices—although surging on the latest drop in the U.S. rig
count—were not touching week-highs, suppressed by rising U.S. crude
output. In a sign that investors are more optimistic on a rise in
Brent prices, data show that hedge fund managers lowered their net
long position on WTI by 2 percent to 274,441 futures and options in
the week that ended on August 15, according to data by the U.S.
Commodity Futures Trading Commission quoted by Bloomberg. Long
positions dropped by…

Brent prices reached a 12-week high on Friday, while WTI Crude
prices—although surging on the latest drop in the U.S. rig
count—were not touching week-highs, suppressed by rising U.S. crude
output. In a sign that investors are more optimistic on a rise in
Brent prices, data show that hedge fund managers lowered their net
long position on WTI by 2 percent to 274,441 futures and options in
the week that ended on August 15, according to data by the U.S.
Commodity Futures Trading Commission quoted by Bloomberg. Long
positions dropped by…