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Speculators bet on further growth of Brent oil

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In the week before December 24, large speculators increased net rates for further growth of Brent crude oil by about 1%, as a result of which their net volume reached a 7-month high, the American Intercontinental Exchange (ICE) reported on Friday.

Interestingly, the increase in net bullish position occurred against the backdrop of an increase in open interest. So, in the reporting period, the total volume of longs increased to a 14-month maximum, and the total volume of shorts reached a record high over the past 7 weeks.

The dynamics of open interest usually correlate well with interest in an asset. Therefore, the growth of this indicator may mean that speculators (both bulls and bears) are waiting for a good move.

Since early December, Brent crude has risen in price by 11%.