Speculators on the oil market increased their bets in the week ended Sept. 13 that Brent crude prices would fall, as cautious optimism over U.S. President Barack Obama's economic stimulus measures was overshadowed by growing worries over Europe's sovereign debt crisis.

Concerns that Greece could default on its debt sent shockwaves through the global economy, pushing the euro lower and weakening bank shares in Europe in the week ended Sept. 13. In recent weeks, investors in the oil market have been taking direction from the equities and currency markets.

Reports from the Organization of Petroleum Exporting Countries and the more closely watched International Energy Agency trimming global oil demand forecasts amid the weaker economic outlook also dampened speculators' mood at the end of the week ended Sept. 13.

Brent futures prices rose in the first session of the week, but fell in the other four.

According to the InterContinentalExchange Inc.'s (ICE) weekly Commitment of Traders report published Monday, money managers, including hedge funds, cut their net long position in Brent crude futures and options by 5% compared with the previous week to 68,994 contracts.

The net long position is the difference between the number of long positions, or bets that prices will rise, and short positions, or bets that prices will fall.

On the positive side, Obama's $447 billion mix of tax cuts and spending initiatives boosted hopes of higher oil demand as a result of potentially stronger performance of the U.S. economy, the world's largest oil consumer.

Ongoing supply disruptions to North Sea Forties crude, the main component of benchmark Brent, also supported Brent prices.

However, traders said in the week ended Sept. 13 that more Forties crude would be available for loading in October, which could ease tightness in the market and potentially weaken Brent prices going forward.

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