March crude oil prices traded lower during the overnight and early morning hours, weighed down by a delay in an Iranian vote to halt oil exports to Europe and uncertainty surrounding Greek debt swap talks. Some traders voiced concern over a disappointing US Q4 GDP reading Friday, and that could be an added force weighing on prices. Russia's oil minister also made the headlines this morning, indicating that the country could increase oil exports by as much as 100,000 barrels per day in 2012. The Commitments of Traders Futures and Options report as of January 24th showed non-commercial traders were net long 248,807 contracts, an increase of 5,873. Non-commercial and nonreportable traders combined held a net long position of 278,103 contracts, an increase of 1,240 contracts in their net long positioning. The buying trend of the speculators is seen as a positive short term force.
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