In the week ending 13 May, the crude oil futures (Brent and WTI) saw support in price action. Total managed-by-money positions in the two futures benchmarks saw a 29mb increase in long positioning (+7%) alongside a 9.7mb removal of shorts (-5%). This bullishness was more reflected in Brent futures, while WTI futures saw speculative players remove long and short risk. Moreover, open interest declined in both Brent and WTI futures this week. Brent recorded a 22.8mb decline in open interest (-0.78%) while WTI recorded a 34mb decline in open interest (-1.7%).
