Crude oil Preview WTI Futures Above $48 In Asia

Oil futures rose towards fresh six month highs in Asia. The commodity has been well supported on supply worries as reports released by global agencies in last week have highlighted a near term moderation in supplies. The commodity is quoting at $48.39 per barrel right now, up 1.40% on the day. Strong equities are also boosting sentiments. MCX Crude oil futures ended around Rs 3180 per barrel and should spurt above Rs 3200 levels in early moves.

Futures market traders and large oil speculators sharply cut their overall bullish bets in WTI oil futures last week for a second straight week, 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 +291,960 contracts in the data reported for May 10th. This was a change of -26,584 contracts from the previous week’s total of +318,544 net contracts for the data reported through May 3rd.

For the week, the standing non-commercial long positions in oil futures fell by -8,224 contracts and combined with the short positions that rose by 18,360 contracts to total the overall weekly net change of -26,584 contracts. In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) decreased their existing bearish positions to a net total position of -291,621 contracts through May 10th. This is a weekly change of +23,586 contracts.
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