March crude oil began the Sunday evening session on the defensive, falling to its lowest level since December 21st. The market managed to reverse into positive territory this morning, supported by gains in global equity markets and weakness in the US dollar. Some traders also pointed to an agreement among EU leaders on sanctions against Iran as another force lifting crude oil prices. The Commitments of Traders Futures and Options report as of January 17th showed non-commercial traders were net long 242,934 contracts, an increase of 9,013. Non-commercial and non-reportable traders combined held a net long position of 276,863 contracts, an increase of 7,755 on the week. The speculative buying trend is seen as a positive force for the market.
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