Portfolio managers increased their bullish bets on crude oil futures and options in the week to October 20 by the most since April, according to the latest commitment of traders report with data from exchanges.

The jump in longs in Brent Crude and WTI Crude coincided with increased market speculation earlier this month that OPEC+ would likely postpone the easing of the ongoing production cuts until global oil demand strengthens, Reuters columnist John Kemp commented on Monday.

In the week to October 20, money managers bought the equivalent of 55 million barrels of oil in the six most important petroleum contracts, with the buying focused heavily on WTI Crude and Brent Crude, according to Kemp’s estimates from the commitment of traders (COT) report.

The buying in the crude contracts was not only short covering but also establishing new long positions, the report showed.

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Source: Oil Price