Oil speculators trimmed bullish bets for a fifth week

By FXStreet FXStreet (Mumbai) – Speculators decreased their overall bullish bets in WTI oil futures last week for a fifth consecutive during the week ended December 8th, the latest data from the Commodity Futures Trading Commission showed.

The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, witnessed a weekly change of -10,604 contracts to total a net position of +197,874 contracts. The long positions rose by 4506 contracts, while the short positions rose by 15,110 contracts.

The commercials, hedgers or traders engaged in buying and selling for business purposes, reduced their existing bearish positions for a fourth week to a net total position of -204,823 contracts.

The drop in the bullish positions is hardly surprising since the OPEC’s decision to lift the output ceiling at Dec 4 meeting highlighted the groups resolve to pursue price war and crowd out the non-OPEC and especially US shale investment.
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Source:: FX Street