Speculative net long positions in Brent rises to 9-week high

The Kuwaiti oil minister currently sees no basis for a meeting of OPEC and non-OPEC producers given that there is no willingness on the part of non-OPEC producers to curb their oil production. 

"The battle for market shares will continue and keep oil prices in check for the time being", says Commerzbank.  

Money managers expanded their net long positions in Brent by 16,500 to a nine-week high of 180,000 contracts in the week to 22 September. 

This was the fourth increase in the past six weeks, during which time net long positions have soared by just shy of 40%. These new positions could be unwound again if the Brent price does not recover.