(Bloomberg) -- Hedge funds raised gross bearish bets on Brent and West Texas Intermediate crude in the lead-up to a highly anticipated OPEC+ meeting that ultimately failed to assuage concerns that the market is oversupplied.
Money managers increased short-only positions in the two benchmarks by 6,665 lots to 210,135 in the week ended Nov. 28, the highest in 21 weeks, data from ICE Futures Europe and the Commodity Futures Trading Commission show.
In WTI, the speculator group cut their net-long bets by 6,408 positions to 98,137, the lowest in 21 weeks. Meanwhile, the group’s net-long Brent positions climbed by 11,630 lots to 166,735.
Oil fell last week after the OPEC+ meeting that had been initially set for the weekend was delayed because of a deadlock over oil-output quotas for some African nations. Eventually, the group announced deeper cuts, but the voluntary nature of the curbs and their opaque nature left market watchers skeptical about the agreement’s effectiveness.
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