Crude Oil prices rose to new highs for the financial year 2019-20 year on Tuesday, after a US official said Washington is allowing for more sanctions on Iran.
Brent crude oil spiked 0.4% to USD69.27 a barrel, having touched earlier at USD69.29, a new high for 2019.US WTI futures rose 0.5% to USD61.87 a barrel, which also a new high for 2019.
As per CFT data released on last Friday, large energy speculators continued to put in to their bullish net positions in the WTI Crude Oil futures. The non-commercial WTI Crude Oil futures contracts traded by large speculators & hedge funds, aggregated a net position of 4,48,619 contracts. This shows a weekly rise of 33,873 net contracts.
The net speculative bullish position has now gained for six consecutive weeks and stands at the highest level since late October 2018.