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Oil speculators trimmed net bullish positions for 4th consecutive week

FXStreet (Mumbai) - The data released by the Commodity Futures Trading Commission (CFTC) for the week ended Dec 1 showed traders trimmed the net bullish positions in WTI oil futures for 4th straight week.

The non-commercial futures contracts of crude oil futures, traded by large speculators and hedge funds, witnessed a weekly change of -3547 contracts to total a net position of +208,478 contracts. The weekly bullish positions rose by 3309 contracts, while the bearish positions rose by 6856 contracts.

The commercials, hedgers or traders engaged in buying and selling for business purposes, decreased their overall bearish positions for a fourth week to a net total position of -212,872.

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