Xinhua News Agency, June 10, due to Saudi Arabia's unexpected increase in production cuts, hedge fund bullish bets on Brent crude rose to a six-week high. Fund managers increased their bullish bets for the third straight week, according to exchange data released on Friday. Earlier, Saudi Arabia promised to cut production by an additional 1 million barrels a day from next month to "stabilize" the market and stop prices from falling. Saudi Energy Minister Abdulaziz bin Salman has warned that oil bears on the market had better be "careful". Before the OPEC + meeting at the weekend, non-commercial traders such as hedge funds had their most bearish positions on major oil contracts such as crude oil, diesel and gasoline in more than a decade. But the production cuts failed to push up oil prices as investors remained focused on the global economic outlook.