During the week ending December 31 money managers increased their net-long exposure in Brent crude oil for a third week in a row. The increase of 13,714 contracts to 139,111 contracts was helped by a 2.1 percent increase in the price due to better than expected economic data from China and a weaker dollar during that time.

The net-long has now reached the highest level since April last year during which time Brent crude was trading above USD 123 per barrel due to fear of supply shortages ahead of the introduction of sanctions against Iran.