November crude oil rallied during the initial morning hours, helped by positive global equity markets and a general risk-on theme after weekend meetings in Paris. Ideas that European leaders might be closer to a concrete solution toward in resolving the debt crisis in the region stoked risk appetites and bolstered demand expectations for crude oil. However, ideas that the October 23rd EU Summit might not provide specific steps to resolve the European debt crisis detracted from early optimism. Some traders suggested that sentiment in the crude oil market could become vulnerable if developments out of Europe disappoint. The Commitments of Traders Futures and Options report as of October 11th showed non-commercial traders were net long 197,823 contracts, an increase of 16,585. Non-commercial and nonreportable traders combined held a net long position of 196,057 contracts, an increase of 3,288 on the week.
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