Home Gold News Crude Oil Speculative Long Positions Extend Fall.

Crude Oil Speculative Long Positions Extend Fall.

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Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the global economy, with OPEC downgrading its oil demand forecast on Monday and BP citing demand might have peaked in 2019. Worries over an increase in global supply after Libyan commander Khalifa Haftar committed to ending a months-long blockade of oil facilities also weighed on sentiment. Investors look to the joint ministerial monitoring committee (JMMC) by OPEC+ on Thursday to discuss compliance with deep cuts in production, although analysts do not expect further reductions to be made despite Brent prices falling below $40 per barrel in recent days

Large energy speculators continued to trim their net long positions in the WTI Crude Oil futures market 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 449366 contracts in the data reported through September 7th 2020. This was a fall of 41549 net contracts and took net longs to five month low. The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -480182 contracts on the week. This was a weekly change of 47054 net contracts.

TREND : BEARISH

Time                                      :           15/09/2020

Pivot                                      :           37.23

Technical View                     :             LONG ABOVE 37.43

Target                                   :            37.63, 37.78, 38.06, 38.46

Technical View                     :             SHORT BELOW 37.03

Target                                   :            36.83, 36.71, 36.41, 36.02

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