Positioning data from the InterContinental Exchange showed money managers cut their net long position in Brent crude futures and options by 54,162 lots to 228,995 contracts in the week to June 20, the lowest level since mid-January 2016, when the oil price hit a near-13 year low of $27.10 a barrel.
Short positions rocketed to 168,804 lots, the highest since ICE began publishing the data in 2011.
In the week to June 20, benchmark Brent crude futures <LCOc1> fell by 5 percent to around $46 a barrel, their lowest since November 2016.
Investors in diesel futures and options added to their bullish bets, raising their net long holdings by 4,122 contracts to 9,012 lots in the same week.
(Reporting by Amanda Cooper; editing by Jason Neely)