MTECHTIPS:-MCX Crude Down Half A Percent Amid Nervous Moves In World Equities
MCX Crude oil futures are trading lower following a continued wave of selling in world prices. The Asian session started off on a tear today with the Chinese equities bleeding by more than 8% and keeping a tab on the other regional indices. Crude oil also extended-losses to four month low amid these cues. The oil market has been grappling with excess-supplies off late and the recent slide under $50 per barrel for WTI futures has undermined the sentiments even further. The counter is currently trading at $47.77 per barrel, down 0.77% on the day with the European equities enduring deep losses. MCX Crude oil futures for August are trading at Rs 3083 per barrel, down 0.48% on the day. Futures market traders and large oil speculators cut their overall bullish bets in WTI oil futures last week for the third straight week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.The non-commercial contracts of crude oil futures, traded by large speculators, tradersand hedge funds, totaled a net position of 253683 contracts in the data reported for July 21st. This was a drop of 10704 contracts from the previous week’s total of 264387 net-contracts for the data reported through July 14th. For the week, the standing non-commercial long positions in oil futures fell by -3,704 contracts and combined with the short positions that rose by 7000 contracts. In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for businesspurposes) edged up their existing bearish positions to a net total position of 257,138 contracts through July 21st.