June 8, 2015 / 11:38 AM / 2 years ago

Bets on bullish oil lowest since March

LONDON, June 8 (Reuters) - Hedge funds and money managers have reduced bets on rising Brent crude oil prices to their lowest in more than two months, according to exchange data released on Monday.

Net long positions in Brent crude oil futures and options slid by 14,102 contracts in the week to June 2, the fourth consecutive week of declines, according to data from the InterContinental Exchange.

Net longs are now at their lowest level since March 24.

Total short and long positions in Brent both fell during the week, showing a waning appetite from large money managers for betting on crude oil prices.

On Friday, the Organization of the Petroleum Exporting Countries kept production targets unchanged despite a large surplus in the world oil market. (Reporting By Libby George; Editing by Christopher Johnson)

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