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Futures market traders and large oil speculators sharply increased their overall bullish bets in WTI oil futures for a third consecutive week and to the highest level since 2014, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
WTI Crude Oil Commercial Positions:
In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) raised their existing bearish positions to a net total position of -409,331 contracts through October 11th. This is a weekly change of -53,110 contracts from the total net amount of -356,221 contracts on October 4th.
United States Oil (NYSE:USO):
Over the same weekly reporting time-frame, from Tuesday October 4th to Tuesday October 11th, the USO Oil ETF, which tracks the WTI crude oil price, increased from $11.09 to $11.58, according to ETF data for the USO Fund.