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MTECHTIPS:-Commodities Buzz: Crude Oil Speculators Increase Longs Slightly

MTECHTIPS:-Commodities Buzz: Crude Oil Speculators Increase Longs Slightly

Futures market traders and large oil speculators slightly increased their overall bullish bets in WTI oil futures last week following four weeks of declining bullish bets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, totaled a net position of 247,093 contracts in the data reported for August 4th. This was an increase of 3,674 contracts from the previous week’s total of 243,419 net contracts for the data reported through July 28th. For the week, the standing non-commercial long positions in oil futures advanced by 2,709 contracts and combined with the short positions that fell by 965 contracts to total the overall weekly net change of 3,674 contracts.

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