Speculators decrease net crude oil bullish positions

FXStreet (Mumbai) - As per the data released by the Commodity Futures Trading Commission (CFTC), speculators reduced their overall bullish bets in WTI crude oil futures last week for the second straight week.

The total non-commercial contracts of crude oil futures stood at a net-position of 272,196 contracts in the data reported for February 3rd; down 2,075 contracts from the previous week’s total of 274,271 net contracts. The long positions in oil futures decreased by a total of 8,025 contracts while the short positions fell by 5,950 contracts.

Meanwhile, during the reporting time period, the WTI crude oil price rose from USD 46.43/barrel to USD 53.05/barrel.