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Oil at Top of Trading Range as Output Cuts Take Effect

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Oil rose on Tuesday after exchange data showed hedge funds placing record bets on North Sea and U.S. crude as OPEC production cuts tightened supply.

Benchmark Brent futures were up 50 cents at $56.58 a barrel by 0930 GMT. U.S. light crude was up 50 cents at $53.90, having risen by about 0.5 percent in a shortened session on Monday because of a U.S. national holiday.

Money managers now hold the highest volume of net long Brent futures and options on record, InterContinental Exchange data showed on Monday, betting on higher prices to come as OPEC and other key exporters reduce production.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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