Energy Preview: WTI Crude Holds Around $65 Per Barrel In Asia

Energy Preview: WTI Crude Holds Around $65 Per Barrel In Asia

May 07, 2021 08:05 IST capital market

Crude oil futures eased yesterday after hitting near two month high as profit selling hit the commodity. WTI Crude oil futures slipped more than 1% though good buying emerged in Asian trades today and kept the counter afloat around $65 per barrel mark. Fund buying has shown signs of tapering in recent weeks and yet again the commodity failed to sustain at higher levels despite surging equities. MCX Copper lost around 1% to close at Rs 4780 per barrel. Large energy speculators trimmed their net long positions in the WTI Crude Oil futures market last week, according to the latest Commitment of Traders (COT) data. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 489711 contracts in the data reported through April 26th 2021. This was a weekly fall of 10272 net contracts. The net longs fell to six month low after the latest slide.

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