WTI Oil net bullish bets drop for 3rd week, 1H drop biggest since 1998

The data released by the Commodity Futures Trading Commission (CFTC) on Friday showed the speculators reduced the net bullish bets for the third consecutive week. 

The non-commercial futures contracts of WTI Crude Oil futures saw a weekly reduction of -1,576 contracts to total 328,764 net contracts. The overall position has now fallen to the lowest standing since November 29th.

Oil benchmarks - WTI and Brent - suffered more than 14% drop in the first half; the biggest fall since 1998. Brent and WTI fell about 19% in the first half of 1998.