{"id":11416,"date":"2010-07-12T08:50:44","date_gmt":"2010-07-12T06:50:44","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11416\/brent-oil-opens-trading-near-75-investors-take-profits\/"},"modified":"2010-07-12T08:50:44","modified_gmt":"2010-07-12T06:50:44","slug":"brent-oil-opens-trading-near-75-investors-take-profits","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11416\/brent-oil-opens-trading-near-75-investors-take-profits\/","title":{"rendered":"Brent oil opens trading near $75, investors take profits"},"content":{"rendered":"

Brent oil prices have opened the week trading around the $75 mark as investors sold futures contracts to lock in gains following a broad rally last week.<\/p>\n

In London, Brent crude oil futures for August 2010 delivery was at $75.02 a barrel at 07.00 GMT on the ICE Futures Exchange.<\/p>\n

“Some profit taking is coming into the market,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge Group in Tokyo.<\/p>\n

Meanwhile, US hedge fund managers and other large speculators reduced their net long position in oil futures for a second week, US Commodity Futures Trading Commission data showed.<\/p>\n

Speculative long positions, or bets that oil prices will rise, outnumbered short positions by 26,215 contracts in the week ended July 6th 2010.<\/p>\n

Oil investors also often look to equities as a barometer of overall investor sentiment, and all major Asian stock markets rose this morning, adding to an upside possibility for oil prices.<\/p>\n

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