Money managers boosted their net bullish bets on Brent Crude by the second-largest amount on record following the surprise announcement from major OPEC+ producers that they would remove more than 1 million barrels per day (bpd) from the market between May and December. Speculators and traders added as many as 73,000 contracts to the net long position – the difference between bullish and bearish bets – in Brent Crude, the second-highest increase in such bets, per data from ICE Futures Europe cited by Bloomberg.
The biggest-ever jump…OPEC+ Cuts Sent Bullish Bets On Brent Soaring
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