June crude oil prices traded lower throughout the overnight and early morning hours, pressured by a weak outside market tone, speculation that Greece might be leaving the Eurozone, as well as rising borrowing costs in Spain and Italy. China's central bank lowered bank reserve requirements by 50 basis points over the weekend in an attempt to stimulate growth, but that did little to support the crude oil market overnight. Fears of slowing global growth are seen as a factor reducing global oil demand. Some traders pointed to talks between Iran and the International Atomic Energy Agency (IAEA) set to begin today were of interest to the crude oil market. The Commitments of Traders Futures and Options report as of May 8th showed non-commercial traders were net long 249,320 contracts, a decrease of 47,380. Non-commercial and nonreportable traders combined held a net long position of 274,149 contracts, for a large decrease of 47,004 during the report week.
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