Expectation of oil cut raises investor bets

Driven by the expectation of compliance with the oil reduction agreement of OPEC member countries as well as other non-cartel supporters in the first half of 2017, investors decided to increase bets on the recovery of Brent crude oil prices.

According to data from the ICE (Intercontinental Exchange Quotation) exchange, the United States oil market has been optimistic, causing managers to raise their net buying positions in Brent futures contracts. The increase was recorded at about 481 million barrels of oil, which would be enough to meet global demand for about 5 days.

Last week, investors in futures and gasoline options at ICE also increased their net positions in 11,545 lots to 112,271 contracts, the highest level since March 2013. In addition, Brent LCOc1 oil rose 1%, passing To be worth US $ 55.75 per barrel.

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