Hedge funds and other money managers raised net bullish bets on Brent crude to the highest level in 10 weeks, according to data from ICE Futures Europe . Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 136,611 lots in the week ended Dec. 31, the London-based exchange said today in its weekly Commitments of Traders report. The addition of 7,670 contracts, or 6 percent, is a second weekly increase and brings the net-long position to the highest since Oct. 22. Bearish positions by producers, merchants, processors and users of the North Sea crude outnumbered bullish wagers by 242,398 contracts, a reduction in their net-short position by 202 lots. Brent futures declined 1 percent to $110.80 a barrel in the week to Dec. 31, capping their first annual loss in five years, and were at $107.78 as of 12:03 p.m. London time. ICE […]