Money managers extend bullish bets on Crude

FXStreet (Mumbai) - The US Commodity Futures Trading Commission (CFTC) for the week ended Dec. 16 showed the fund managers continued to extend their bullish bets despite prices showing no signs of stabilization during the reporting week.

Money managers raised bullish bets on oil by up 13.8% from a week earlier to a net-long position of 217,723 contracts through Dec. 16, CFTC data showed. Crude prices continue to recover today, with Brent Crude back above USD 62.00/barrel, while the WTI Crude trading above USD 58.00/barrel.