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Speculators increased net bullish positions in WTI oil

FXStreet (Mumbai) - Speculators and large traders increased net bullish bets on oil prices for the second week on hopes that falling investment will lead to drop in supply.

The latest data released by the Commodity Futures Trading Commission (CFTC) showed the non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds witnessed a weekly change of +6,731 contracts to total a net position of +264,992 contracts in the data reported for October 13th.

Long positions in oil futures declined by -3,360 contracts, while the short positions dropped by -10,091 contracts. Meanwhile, the commercials, hedgers or traders engaged in buying and selling for business purposes, raised their existing bearish positions to a net total position of -274,867 contracts.

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