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WTI Crude Oil Forecast Week 18 - 22 September



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WTI and Brent crude oil closed sharply higher last week mostly in reaction to a bullish report from the International Energy Agency . The data in the weekly EIA inventories report is still irregular because of Hurricane Harvey and the number of oil rigs dropped last week.

November WTI crude oil closed the week at $50.44, up $2.38 or +4.95% and December Brent crude oil closed at $55.42, up $1.84 or +3.43%.

WTI Crude Oil Non-Commercial Speculator Positions:

Large speculators reduced their bullish net positions in the WTI Crude Oil futures markets this 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, totalled a net position of 374,480 contracts in the data reported through Tuesday, September 12th. This was a weekly reduction of -7,633 contracts from the previous week which had a total of 382,113 net contracts.
WTI crude oil speculative bullish positions have now fallen lower for five out of the past six weeks and remain below the +400,000 net contract position for a third straight week.

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This article was written by Emre Tutucu for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit

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