Oil at $60: hedge funds raise bets on rising prices

The last auction raised the price of a barrel of North sea Brent crude oil at around $ 60, the high from July 2015.
Quotes of Brent in the course of trading reached $ 60,63 per barrel.

The main news that had a positive effect on prices, is the crown Prince of Saudi Arabia Prince Mohammad bin Salman al Saud’s support for the extension of the agreement «OPEC+» on the limitation of oil production coming in late November the summit of the cartel.

Another reason pushing prices up, is to reduce the number of drilling rigs in the United States. This trend continues for the third week. In addition, last month and a half in the United States declining oil reserves — an average of 1 million barrels a day.

There are other reasons that push oil prices up. Rising geopolitical tensions around Kurdistan, whose relations with the government of Iraq deteriorated sharply after the first referendum on independence.

Meanwhile, hedge funds increased net long position on oil, or the difference between bets on higher prices and drop them by 15 041 contract to 280 634 of futures and options, according to data of the Commission on trade commodity futures.

Oil at $60: hedge funds raise bets on rising prices 30.10.2017

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