Speculators cut net bullish positions in Oil for a second week

FXStreet (Mumbai) - As per the Commodity Futures Trading Commission (CFTC), oil speculators cut their overall bullish bets in WTI oil futures last week for a second consecutive week.

The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, witnessed a weekly change of -31,773 contracts to total a net position of +264,387 contracts in the data reported for July 14th. Long positions in oil futures declined by -17,828 contract, while the short positions that rose by 13,945 contracts.

WTI Crude oil front month running futures currently trades largely unchanged on the day at USD 51.19/barrel.