Oil managed to settle higher last week with ICE Brent up almost 0.7% over the week, which is the seventh consecutive week of gains for the market. Sentiment remains largely positive with the oil balance set to continue to tighten, while stronger refinery margins are also providing some support. However, speculators have been reluctant to add to their positions. In fact, speculators reduced their net longs in Brent by 4,381 lots over the last reporting week to 210,987 lots though they continue to add to their net longs in ICE gasoil, which increased by 6,653 lots over the last week to 88,238 lots, the largest position ... (full story)