Speculators have been ramping up their bets that the price of Brent crude will move higher after setting new multiyear lows in January. However, oil producers are in a more cautious mood, hedging more of their future production for fear that Brent might sink toward $30 again - or perhaps even lower. Since late December, speculators on ICE Futures in London have added nearly 100,000 lots to their net long position in Brent futures, even though prices moved against their bets during the first three weeks of this year.
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