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Speculators increased net bullish positions in Oil

FXStreet (Mumbai) - The data released by the Commodity Futures Trading Commission showed the speculators increased their overall bullish bets in WTI oil futures last week.

The non-commercial futures contracts of WTI oil futures, traded by large speculators and hedge funds, witnessed a weekly change of +9,616 contracts to total a net position of +246,191 contracts for the week ended Nov 3rd. The weekly bullish positions fell by -6,244 contracts and the weekly bearish positions fell by 15,860 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 -244,372 contracts.

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