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Hedge funds and money managers boost oil positions

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Hedge funds and other money managers bought the equivalent of 31 million barrels of in the top six petroleum futures and options contracts in the week ending 129 July, according to a report by Reuters.

Hedge funds and other money managers bought the equivalent of 31 million barrels of the top six petroleum futures and options contracts in the week ending 12 July, according to a report by Reuters.

The buying saw investors take up new bullish long positions equating to some 26 million barrels, while bearish shorts of just five million barrels were liquidated.

Crude rather than products proved the most popular with  purchases of both Brent, and NYMEX and ICE WTI coming in at 15 million barrels.

US gasoline (+2 million barrels), US diesel (+1 million) and European gas oil (-3 million) all saw minor adjustments.

Even after the buying, the net position across all six contracts is relatively low at just 485 million barrels, with crude positions are especially low at just 381 million barrels.

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