(Bloomberg) -- Oil bulls are flexing their muscles, with money managers adding net-long holdings on Brent for a fourth week as supply faces weather risks and consumption picks up over the northern-hemisphere summer.
Net-long positions climbed to just under 196,000 lots, rising for a fourth week in the longest run since April, according to futures and options data from ICE Futures Europe. The headline figure is now at the highest level since mid-May.
Brent prices have climbed for the past four weeks straight, touching the highest level since late April on Friday. The consistent advance has been driven by expectations of an increase in oil demand over the summer months, as well as lower US stockpiles, and possible hits to supply from bad weather. The outlook for easier US monetary policy has also supported oil.
The corresponding net-bullish measure for holdings for diesel derivatives in Europe, however, fell slightly, while remaining at a relatively elevated level of just over 95,000 contracts. There was a greater increase in short positions than long ones for the fuel. Data on US oil contracts from the CFTC will come later Monday following a holiday last week.
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