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COT data shows speculators cut bullish oil bets for second straight week
The latest report shows that fund managers cut their bullish bets on Brent and WTI crude oil futures for the second consecutive week as of the week ending August 4. Specifically, NYMEX WTI net long positions decreased by 7,257 contracts to 101,050 contracts, and ICE Brent crude oil futures net long positions decreased by 11% (20,361 contracts) to 164,722 contracts. Despite little progress on the potential reopening of the Strait of Hormuz, traders and speculators remain cautious about a sustained rise in oil prices.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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