Latest ICE Brent speculative positioning data shows 19.2k longs added in week to Nov 24th
Total longs now 177.9k
There's been a modicum of support for oil in November after falling back from the October highs
Brent daily chart
OPEC meet on the 4th and despite a general expectation that there won't be any moves towards production cuts traders are still willing to take a chance that there are some hints dropped, particularly from Saudi Arabia. We've been up around $1.10 from the low to the high
Quite often we see a bid in Brent in the run up to a meeting, which means the increased risk of sharp losses if OPEC disappoints
