According to Brent crude oil-related position data from Intercontinental Exchange, in the week ending June 16, speculative participants reduced their net long positions by 94,763 contracts, bringing the total net long position down to 114,128 contracts.
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Such changes in positions usually reflect short-term speculative capital’s expectations for the subsequent movement of international oil prices. A sharp decrease in net long positions often also indicates a temporary cooling of bullish sentiment in the market.
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