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Speculators increase bullish bets in Crude, Long-to-Short ratio falls

FXStreet (Mumbai) - As per the data released by the Commodity Futures Trading Commission (CFTC) on Friday, large speculators increased the net bullish bets on Crude oil futures for the week ended Nov. 11.

The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, rose by 8,300 contracts to 276,832 contracts. non-commercial long positions in oil futures increased by a total of 6,470 contracts while the short positions fell by 1,830 contracts to total the overall weekly net change of 8,300 contracts. Moreover, non-commercial net position has now gained three out of the last four weeks, after having declined for six consecutive weeks.

Meanwhile, the ratio of long-to-short positions fell from 12:1 to less than 3:1. This ratio was almost 15:1 just three weeks earlier, the biggest since 2006. Moreover, the slump in prices witnessed in the last two weeks was partly driven by the race to dump losing long positions, which accelerated the price fall.

The WTI Crude for January delivery traded 0.97% lower at USD 75.09/barrel at the time of writing, while Brent for January delivery traded 1.205 lower at USD 78.46/barrel.

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