WTI Oil net bullish bets dropped for third straight week

The US Commodity Futures Trading Commission (CFTC) released on Friday showed speculators trimmed their net bullish bets on WTI oil futures during the week ended July 12. This was the third straight weekly drop in net bullish positions.

The non-commercial contracts of crude oil futures witnessed a weekly change of -4,877 contracts to total a net position of +294,795 contracts.

The commercials, hedgers or traders engaged in buying and selling for business purposes, decreased their existing bearish positions to a net total position of -293,352 contracts.

WTI oil futures suffered moderate drop in Asia today before recovering losses to trade largely unchanged on the day around $46.70/barrel.