MTECHTIPS:-Crude Oil Speculative Longs Hit Another Record High

MTECHTIPS:-Crude Oil Speculative Longs Hit Another Record High

MTECHTIPS- Crude oil speculators added to their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 657,590 contracts in the data reported through Tuesday January 9th. This was a weekly spurt of 33,377 contracts from the previous week which had a total of 624,213 net contracts. The speculative position soared to a new record high level last week, surpassing the previous record high of two weeks ago. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -674,098 contracts on the week, recording a weekly fall of -25,984 contracts

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