Energy Preview: Oil Market Eyes OPEC For Near Term Direction

WTI Crude oil futures are holding onto their own after recent spurt drove the prices to three year highs. Oil traders are eyeing the OPEC meet today for further clues on the oil market balance in near future. Weak equities are triggering some selling pressure though and the WTI Crude is down in Asia, currently trading at just above $ 68 per barrel. MCX Crude oil futures closed around Rs 4530 per barrel in last session and should slide towards Rs 4500 mark today. However, the OPEC meet is likely to lead to a highly intense session ahead of the weekend.

Large energy speculators increased their bullish net positions in the Crude Oil WTI Futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 707,080 contracts in the data reported through Tuesday April 10th. This was a weekly gain of 7,535 contracts. The current net position is still in the vicinity of the all-time high record of +739,097 contracts that was registered on February 6th.