August crude oil prices traded lower during the overnight and early morning hours, as they corrected Friday's more than 9.0% gain. Some traders suggested that sluggish China and European manufacturing data served to tamp down global oil demand prospects and pressured crude oil prices lower. Meanwhile, there were a couple of positives in the crude oil market that might have limited early morning losses, including a European embargo on Iranian oil that went into effect over the weekend and the ongoing oil workers strike in Norway. The Commitments of Traders Futures and Options report as of June 26th showed non-commercial traders were net long 178,866 contracts, a decrease of 13,193. Non-commercial and nonreportable traders combined held a net long position of 192,382 contracts, for a decrease of 5,729 in their net long position.
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