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As on: Feb 21, 2020 09:54 PM
Energy Preview: Crude Spurts By 1.51% On MCX
17-Jan-20   09:06 Hrs IST

WTI Crude oil futures soared as improving trade climate and bullish equities boosted the sentiments. The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between US and China. The Dow Jones pushed further into record territory on Thursday after US retail sales edged up. WTI Crude rose further from a five week low on these cues and currently trade at $58.51 per barrel, almost unchanged on the day. MCX Crude oil futures closed at Rs 4162 per barrel, up 1.51% on the day.

Crude has benefitted from increasing fund buying recently. Large energy speculators increased their bullish net positions in the WTI Crude Oil futures markets further again 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 567272 contracts in the data reported through January 7th. This was a weekly rise of 12415 net contracts. The long net positions rose for fifth straight week and current standing is at the highest bullish level in the nearly 18 months.

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