Investors reducing number of bets on rising oil prices

Baku. 22 February. REPORT.AZ/ Hedge funds have reduced the number of bets on the rising cost of oil.This fall was the highest over the past seven months, despite the agreement between Russia and Saudi Arabia to freeze the oil production.

According to the report, by US Commodity Futures Trading Commission, the number of long positions in WTI cost growth during February 9-16 fell by 5.3%.

As the head of the department of commodity strategy of investment company TD Securities Bart Melek said to Bloomberg, an agreement between Russia and Saudi Arabia will not affect the volume of offerings on the market. According to him, Iran will try to regain its position in the market.

The number of active oil wells in the United States made public on Friday.According to the company Baker Hughes, the number of units in February 12-19 decreased by 26 or 6%, to 413 units.

Analytical Group of Report News Agency believes that the different oil news led to the preservation of oil prices in a certain range. So, in the next 1-3 months the price of oil maintained in the range of 26-36 USD / barrel.