July crude oil prices came under pressure during the overnight and initial morning hours, weighed down by weak US jobs data last week and more signs of slowing economic growth in China. Brent crude oil fell to a new 16 month low as global oil demand concerns and growing risk aversion sparked further long liquidation. The Commitments of Traders Futures and Options report as of May 29th showed non-commercial traders were net long 233,409 contracts, a decrease of 7,196. Non-commercial and nonreportable traders combined held a net long position of 241,271 contracts, down 8,386 on the week. Some traders viewed the selling trend of the speculator as a negative near term force.
Join the Discussion