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MTECHTIPS:-Crude Jumps 5% On MCX To End Above Rs 3300 Mark

Tuesday, November 22, 2016 0:39
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MTECHTIPS:-Crude Jumps 5% On MCX To End Above Rs 3300 Mark




MTECHTIPS- Crude spiked sharply yesterday amid renewed OPEC worries. WTI futures soared more than 4% as a rally from three month low extended. Rising US equities also boosted sentiments. MCX Crude also added more than 4% and ended above Rs 3300 per barrel levels. Oil has been trying to recover in last few days after the drubbing in first half of November, Large speculators and traders cut their net bullish positions for a fifth straight week in the WTI crude oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 276,326 contracts in the data reported through November 15th. This was a weekly change of -1,213 contracts from the previous week which had a total of 277,539 net contracts. The WTI speculative positions are now under the 300,000 net position for a second straight week and have declined to the lowest overall bullish level since August 9th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, raised their net position for a third week to a total of -277,574 contracts last week. This is a weekly change of 21,994 contracts from the total net of -299,568 contracts reported the previous week.





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