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Crude oil net bullish positions hit 5-week low

FXStreet (Mumbai) - Oil speculators reduced their overall bullish bets in WTI oil futures last week for a second straight week taking the net bullish positions to the lowest level since September 1st, the data released by the Commodity Futures Trading Commission (CFTC) on Friday showed.

Net bullish positions at 5-week low

The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, witnessed a weekly change of -9,767 contracts to total a net position of +228,555 contracts in the data reported for November 17th. Long positions in oil futures declined by 4,846 contracts, while the short positions rose by 4,921 contracts. The net bullish positions now stand at the lowest level since September 1st when positions equaled +220,342 contracts.

The commercials, hedgers or traders engaged in buying and selling for business purposes, trimmed their existing bearish positions to a net total position of -236,821 contracts.

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