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Speculators boosted oil bullish bets higher for five straight weeks

FXStreet (Mumbai) - The data released by the Commodity Futures Trading Commission (CFTC) showed the speculators pushed up their overall bullish bets in WTI oil futures last week for the fifth consecutive week.

The non-commercial contracts of crude oil futures witnessed a weekly change of +20,043 contracts to total a net position of +259,429 contracts in the data reported for September 22nd. Long positions in oil futures rose by 3,385 contracts and the short positions declined by -16,658 contracts.

The commercials (hedgers or traders engaged in buying and selling for business purposes) increased their existing bearish positions to a net total position of -249,771 contracts through September 22nd.

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