(Corrects change in headline, first paragraph.)

Hedge-funds and other money managers reduced bullish bets on Brent crude by 1,172 contracts in the week ended July 24, according to data from ICE Futures Europe.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 77,510 lots, the London-based exchange said today in its weekly Commitment of Traders report.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net