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Bearish hedge fund oil bets spiked ahead of OPEC+ meeting

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Hedge funds upped their gross bearish bets on Brent and West Texas Intermediate (WTI) crude in the lead-up to a highly anticipated OPEC+ meeting that ultimately failed to ease concerns over market oversupply, according to a report by Bloomberg.

The report cites data from ICE Futures Europe and the Commodity Futures Trading Commission as showing that money managers increased short-only positions in the two benchmarks by 6,665 lots to 210,135 in the week ended 28 November, the highest in 21 weeks.

Hedge funds cut net-long WTI bets by 6,408 positions to 98,137, the lowest in 21 weeks. While their net-long Brent positions increased by 11,630 lots to 166,735.

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