Speculators raised bullish bets on oil for 3rd straight week

By FXStreet FXStreet (Mumbai) – The data released by the US Commodity Futures Trading Commission (CFTC) showed the speculators increased their overall bullish bets in WTI crude oil futures for third straight week and to their highest level since August 4th.

The non-commercial contracts of crude oil futures, traded by large speculators and hedge funds, witnessed a weekly change of +11,088 contracts to total a net position of +231,430 contracts in the data reported for September 8th. The bullish positions rose by 2,972 contracts, while short positions fell by -8,116 contracts.

The commercials (hedgers or traders engaged in buying and selling for business purposes) increased their existing bearish positions to a net total position of -226,406 contracts through September 8th. WTI Crude oil for Oct deliver currently trades 0.20% lower at USD 44.50/barrel.
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Source:: FX Street