September crude oil prices traded higher during the overnight and early morning hours, helped by signs of compromise in Washington on raising the US debt ceiling. Outside markets were also supportive for crude oil, with a weaker US dollar and rally in global equity markets. Meanwhile, there were fresh concerns over waning global demand and tighter monetary policy in China, which pushed factory activity levels in the country to the lowest level in more than 2 years. The Commitments of Traders Futures and Options report as of July 26th showed non-commercial traders were net long 207,075 contracts, an increase of 4,801. Non-commercial and nonreportable traders combined held a net long position of 240,217 contracts, up 6,872 contracts on the week.
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