Hedge funds and other money managers raised their bets on higher Brent crude oil prices for a third week in a row as of December 3. The increase by 1,655 contracts was, however, the smallest increase seen during this time which could indicate some hesitancy in extending positions much further as the price exceeded USD 112 per barrel. Gas oil net-longs increased by 10,027 contracts to 83,794, the highest since February 26.
Brent Crude may also have been exposed to some continued selling against WTI crude on the assumption that the premium had become unsustainable and that the contraction seen by December 3 would continue.