Speculative investors in crude oil have been selling off Brent contracts for seven straight weeks and have offloaded one-third of their net long position since early May. Nevertheless, the price of Brent price has held steady in the $60-$67 range. Speculators sold a total of 97,000 contracts during the seven-week period and held an aggregate net long position of 192,000 contracts (futures and options combined) in the week ended Jun. 23, data from ICE Futures show.
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