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Crude long positions at 17-month low

FXStreet (Mumbai) - Crude oil traders trimmed their long positions in line with the falling prices ahead of the more hawkish Fed commentary.

The data from the U.S. Commodity Futures Trading Commission (CFTC) shows long positions fell to their lowest level in 17 months. Hedge funds reduced net-long positions in WTI Crude by 2.3% for the week ended Oct 28. Net-longs for WTI declined by 4,288 to 182,486 futures and options combined during the week ended Oct. 28. Long positions dropped to 249,841, lowest since May 2013, while short positions slipped 2.5% to 67,355.

Moreover, their decision to trim the long positions proved to be correct as the Crude prices tumbled 18% in October. The WTI Crude for December delivery is trading 0.47% higher at USD 80.92/barrel.

WTI Crude Technical levels

Crude has an immediate resistance at 81.26, above which the prices can rise to 81.73 levels. On the flip side, prices may test 80.00 levels if the immediate support at 80.73 is breached.

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