Speculators increased net bullish position on Crude Oil

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

During the reporting time period - May 12th to May 19th – the non-commercial futures contracts of crude oil futures witnessed a weekly change of +23,219 contracts to total a net position of +343,431 contracts. Long positions in oil futures fell by 7,828 contracts while short positions fell by 31,047 contracts.

Meanwhile, during the reporting time period, the WTI crude oil price declined from USD 60.75/barrel to USD 57.99/barrel.