December 8, 2014 / 12:17 PM / 3 years ago

Hedge funds raise bullish oil bets, ICE data show

LONDON, Dec 8 (Reuters) - Hedge funds and other large speculators increased their bets on rising Brent crude oil prices in the seven days to Dec. 2, exchange data showed on Monday, buying back into the oil market after more than a 40 percent fall in prices since June.

Money managers raised their Brent crude oil net long positions by 31,303 contracts to 97,276 in the week to Dec. 2, and also switched to net long gasoil positions of 2,032 contracts, adding 10,734 gasoil longs, figures from the InterContinental Exchange (ICE) showed.

Brent prices have collapsed over the last six months, falling from a high above $115 a barrel in June. On Monday, ICE Brent futures for January reached their lowest point for more than five years at $66.77 a barrel. (Reporting by Christopher Johnson; Editing by David Holmes)

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