WTI Crude Oil Non-Commercial Speculator Positions:
Large oil speculators advanced their bullish net positions in the WTI Crude Oil futures markets this 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 446,827 contracts in the data reported through Tuesday October 24th. This was a weekly gain of 17,302 contracts from the previous week which had a total of 429,525 net contracts.
Speculative positions have risen for two straight weeks and have ascended to the highest level since August 15th. Total net positions have now remained above the +400,000 contract level for a sixth week.
WTI Crude Oil Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -449,589 contracts on the week. This was a weekly decrease of -18,071 contracts from the total net of -431,518 contracts reported the previous week.
USO (NYSE:USO):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the USO Crude Oil ETF, which tracks the price of WTI crude oil, closed at approximately $10.54 which was an increase of $0.05 from the previous close of $10.49, according to unofficial market data.
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