During the week ended Nov. 3, fund managers reduced their net long positions in WTI and Brent crude by 78,492 shares, to 272,075 shares. According to Bloomberg, this is the maximum reduction in bets on price increases since the summer. The sale in futures contracts was caused by signs of a diplomatic rapprochement between the US and Iran, as well as the results of the US Congress, which increased investors' expectations for de-escalation in the Middle East.

During the week ended Nov. 3, fund managers reduced their net long positions in WTI and Brent crude by 78,492 shares, to 272,075 shares. According to Bloomberg, this is the maximum reduction in bets on price increases since the summer. The sale in futures contracts was caused by signs of a diplomatic rapprochement between the US and Iran, as well as the results of the US Congress, which increased investors' expectations for de-escalation in the Middle East.