Investors raised their bets on rising Brent crude oil prices to a new high last week, breaking the 500,000-lot mark for the first time on record
An investor looks at an electronic screen showing stock information at brokerage house in Nantong, Jiangsu Province, China, January 11, 2016. China guided its yuan currency stronger for a second straight session on Monday, in a move that might calm concerns about how ready Beijing is to let the currency depreciate, but added to doubts over the ultimate policy intent. REUTERS/Stringer ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. THIS PICTURE IS DISTRIBUTED EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA., photo: Reuters/Stringer
11 months ago
NEW YORK – Oil prices ended little changed on Monday as the prospect for U.S. crude production to continue growing offset reports of high compliance to the OPEC production cut agreement and record bullish bets that prices would rise further. On its penultimate day as the front-month contract, Brent futures for April delivery lost six cents, or 0.1 percent, to settle at $55.93 a barrel, while U.S. West Texas Intermediate crude (WTI) gained six cents, or 0.1 percent, to $54.05. Investors raised their bets on rising Brent crude oil prices to a new high last week, breaking the 500,000-lot mark for the first time on record, data from the InterContinental Exchange showed. Money managers also raised their bullish U.S. crude futures and options positions in the week to Feb. 21 to the highest on record, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Investors now hold 951,312 lots' worth of U.S. and Brent crude futures and options, equivalent to nearly 1 billion barrels of oil valued at more than $52 billion, based on current Brent and WTI benchmark prices.