Risky Oil Wagers Drop As Saudis Warn Investors

Last week, the energy leader of Saudi Arabia warned short sellers to be careful. People who trade Brent oil, a type of global benchmark, paid attention.

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Last week, money managers increased their net-long holdings in Brent by over 30,000 contracts. This was the largest increase in almost 2 months. The increase was caused by a decrease in pessimistic bets and the inclusion of positive ones.

The Energy Minister of Saudi Arabia, Prince Abdulaziz bin Salman spoke at a forum. He said speculators need to be cautious. He also gave a warning to those who are betting against the oil market. The OPEC+ coalition is planning to meet on June 3-4. The meeting is to talk about their output policy.

In April, the producer group caused a surprise by cutting production. However, since then, traders have been increasingly betting against oil.

Investors reduced their bets against Europe's diesel benchmark, which had a lot of short positions, by the largest margin since August.

The Saudi energy minister issued a warning to oil speculators. He said that they should be careful. He did this during an energy conference in Riyadh. The energy minister talked about how oil prices can be influenced by speculators. These are people who buy and sell oil contracts. He said that oil prices should be based on supply and demand. Instead, they are often influenced by speculation. The minister urged speculators to act responsibly. He also called on the global community to work together to ensure stability in the oil market. Overall, the minister's message was clear: oil speculators should be cautious about their actions.

The head of OPEC said that lack of investment in the oil and gas industry may lead to unpredictable market changes. This could cause instability and affect the production and supply of oil and gas. The statement comes amid growing concerns about the future of the global energy industry. It also highlights the need for increased investment in sustainable and renewable energy sources. The industry must strike a balance between meeting the demand for energy and protecting the environment.

Saudi minister emphasizes importance of working with OPEC+ to stabilize markets. Coordination seen as key to success. Working together considered cornerstone of efforts to restore balance to global oil market. Saudi Arabia pushing for continued cooperation among oil-producing nations. Minister optimistic about future of market stability.