A relatively quiet week in the Middle East and weak US economic data combined to restrain oil prices last week, prompting hedge funds to reduce their bets on both Brent and West Texas Intermediate crude, according to a report by Bloomberg.

The report cites weekly ICE Futures Europe and CFTC Futures data in revealing that managers cut their net-long positions on the two grades by 63,403 lots to a six-week low of 459,273 lots in the week ending 23 April.

Despite Israel launching an attack on Iran during that week, crude's geopolitical risk premium was reduced by a muted response to the effects of the strike from Iranian media, according to Bloomberg.