October crude oil prices traded modestly higher during the overnight and initial morning hours, supported by hopes that European leaders might be getting closer solution to their debt situation. Reports over the weekend to this point offered a modest lift to risk-taking sentiment during the early morning hours and a slight downtick in the US dollar. There also appears to be growing resistance to recent talk of a potential US Strategic Petroleum Reserve release. Additionally, concerns over falling North Sea production in September and ongoing uncertainty surrounding threats of an Israeli attack on Iran offer support to the crude oil market. The Commitments of Traders Futures and Options report as of August 14th showed non-commercial traders were net long 241,318 contracts, a decrease of 6,535. Non-commercial and nonreportable traders combined held a net long position of 242,217 contracts, for a decrease of 2,310 in their net long position.
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