November crude oil traded lower during the overnight and initial morning hours, as investors remained concerned over weakening demand prospects and renewed Greek debt concerns. While PMI data out of China showed a slightly better result than last month, equity markets in the region fell to a new low for the move. Some traders indicated that September OPEC oil output might have increased to its highest level since the fall of 2008, and that could be a factor weighing on the crude oil market this morning. The Commitments of Traders Futures and Options report as of September 27th showed non-commercial traders were net long 197,995 contracts, a decrease of 14,181. Non-commercial and nonreportable traders combined held a net long position of 201,548, a substantial decline of 18,530 on the week. Hedge funds reduced their net long positioning at the fastest clip in nearly two months on concerns of waning demand.
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