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Speculators raised net bullish positions in WTI crude last week

FXStreet (Mumbai) - The latest data released by the Commodity Futures Trading Commission (CFTC) shows the speculators raised their overall bullish bets in WTI oil futures last week, which adds credence to the sharp uptick seen in the prices last week.

The non-commercial futures contracts of the WTI crude oil, primarily traded by large speculators and hedge funds, witnessed a weekly change of +6,533 contracts net contracts to total a net position of +258,261 contracts in the data reported for October 6th. Long positions in oil futures rose by 9,615 contracts and offset a rise in the short positions of 3,082 contracts.

The commercials, hedgers or traders engaged in buying and selling for business purposes, slightly increased their existing bearish positions to a net total position of -253,213 contracts through October 6th.

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