October 2, 2017 / 11:13 AM / 9 months ago

Money managers push bullish bets on Brent to record high

LONDON (Reuters) - Speculators drove their bets on the price of Brent crude oil rising to a record high in the latest week, according to data released on Friday from the InterContinental Exchange.

A ship passes a petro-industrial complex in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter

ICE commitment of traders data showed money managers raised their net long holdings of Brent crude futures and options by 43,665 contracts to a record 508,645 lots, roughly equivalent to 508 million barrels of oil, in the week to Sept. 26.

In that time, front-month Brent crude futures prices rose by 6 percent to hit a 26-month high, just shy of $60 a barrel, after investors were encouraged by signs that a global overhang was clearing and after Turkey threatened to cut off flows of oil from the Kurdistan region in northern Iraq following an independence referendum.

Brent December futures were down almost $1 on the day at $55.88 a barrel by 1050 GMT on Monday, having gained around 20 percent in the third quarter of this year which ended on Friday. [O/R]

Investors in ICE gasoil futures raised their net long holdings of diesel futures and options by 5,151 lots to 176,722 contracts in the week to Sept. 26.

Reporting by Amanda Cooper; editing by Jason Neely

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