* Brent net longs cut by 34,786 contracts to 117,195
* Gasoil net longs down 13,947 contracts to 20,604
* Cuts follow big fall in prices
(Adds details on net long positions, Brent prices)
LONDON, July 28 Hedge funds and other large
speculators cut their bets on higher Brent crude oil and gasoil
sharply in the week to July 22, IntercontinentalExchange Inc.
said on Monday, following a big fall in prices.
The ICE said money managers reduced their net long futures
and options positions in Brent by 34,786 contracts to
117,195, and at the same time cut their net long gasoil
positions by 13,947 contracts to 20,604.
Net long Brent positions held by money managers are now less
than half their record peak of 242,201 contracts in the week to
June 24, while gasoil net longs are under a third of their total
of 77,256 seen in the same week.
Brent crude oil hit a 10-month high above $115 per barrel on
June 19 after Sunni Islamist insurgents swept across large parts
of Iraq, raising worries over the security of oil supplies in
the Middle East gulf.
But oil prices have collapsed since then and were trading at
around $107.50 by 1100 GMT on Monday, having reached an intraday
low under $105 a barrel earlier this month.
(Reporting by Christopher Johnson, editing by Louise Heavens)