Money managers reduced their net-long U.S. crude futures and options positions for the fourth straight week in the week to August 26, hitting the lowest level since January 2007, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday.
CONTEXT
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have accelerated output hikes to regain market share, raising the supply outlook and weighing on global oil prices. Meanwhile, U.S. crude output has been robust, hitting another record high in June, the EIA said on Friday.
Investors have been grappling with low oil prices after U.S. President Donald Trump unveiled an extensive list of trade tariffs in April, stoking concerns of a recession and a drop in fuel demand.
BY THE NUMBERS
The speculator group reduced its net-long positions in West Texas Intermediate crude futures and options on the Chicago Mercantile Exchange in the week to August 26 by 5,461 lots, to 24,225.
(Reporting by Georgina McCartney in Houston; Editing by Edmund Klamann)