August crude oil prices grinded higher during the Sunday evening trade but reversed course throughout the initial morning hours. It seemed that ongoing concerns over weakening global growth and European debt issues weighed on oil demand prospects. Fears over weakening demand took some of the focus away from Tropical Storm Debby in the Gulf of Mexico, which shuttered nearly 25% of oil and gas operations in the region. The Commitments of Traders Futures and Options report as of June 19th showed non-commercial traders were net long 192,059 contracts, a decrease of 8,943. Non-commercial and nonreportable traders combined held a net long position of 198,111 contracts, for a decrease of 15,830 in their net long positioning.
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