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Speculators reduce bearish bets on Oil, WTI falls below USD 80.00

FXStreet (Mumbai) - The Commodity Futures Trading Commission (CFTC) data for the week ended Oct 21 showed that speculators reduced the bearish bets on Crude Oil.

As per the CTFC data, net-long positions in West Texas Intermediate futures rose 5.7% during the week ended Oct 21. This is the same time period when the prices stabilized around USD 80-81/barrel. Short bets fell 20 %, the most in three months, while longs fell 2.8 %.

Overall, Crude Oil did rise during the reporting period, although the prices are back near multi-month lows on concerns of excess global supply. Moreover, the fall in the bearish bets on Crude is a reflection of bargain hunting demand at lower levels.

WTI Crude for December delivery is trading 1.35% lower at USD 79.92/barrel, inching towards the low of USD 79.10 hit earlier this month.

WTI Crude Technical levels

WTI Crude has an immediate support of 79.10 (Oct 16th high), below which prices can fall further to 77.28 levels. Meanwhile, the commodity can rise to 81.25 levels, if the hourly chart resistance at 80.50 is taken out.

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