Funds take greater share of open interest in Brent

London (Quantum Commodity Intelligence) - Bullish bets by fund managers in Brent on the ICE bourse accounted for more than 10% of open interest last week for the first time since early March, the Commitment of Trader Reports shows.

Money managers added 8,160 long lots and cut 3,311 short lots in Brent futures and options over the week to May 4.

Net-length in Brent rose 11,471 lots, accounting for 10.22% of total open interest, up from 9.95% a week earlier.

The move accompanied a rise in front month Brent to $68.12/b by 16.30 UK time on May 4, up from $65.88/b a week earlier.

The dollar index also rose to 91.29 points, up from 90.91 points a week earlier.

Funds were more bullish European distillate futures.

The managed money managed category added 6,037 long lots and cut 3,061 short lots in Low Syulfur Gasoil futures and options over the week to May 4.

The net-length gain of 9,798 lots left funds holding 12.58% of total open interest in European distillates, up from 12.06% a week earlier.