Hedge funds and other money managers cut their net long US crude futures and options positions in the week to January 2, the US Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 5,507 contracts to 455,330 during the period. The group has cut its position in three of the past four weeks.

Gross long positions among money managers on the NYMEX fell to 436,115 from 453,470; gross short positions fell for a second week to 39,734 from 41,498. During the period in the report, the price of WTI crude rose to more than $60 a barrel on concerns global supply was tightening. Global benchmark Brent rose to more than $67 a barrel on unrest in Iran and continued declines in global crude inventories.

Copyright Reuters, 2018