Energy Preview: Crude Tests Two And Half Month Low

WTI Crude oil futures fell to a two and half month low yesterday amid steady selling pressure and worries over global trade warfare. The counter currently quotes at 65.34 per barrel, down 0.53% on the day. MCX Crude oil futures closed at Rs 4487 per barrel, up 1.17% on the day but should slip today amid weak global cues. DOW dropped for a fifth session as investors digested the escalation in trade tensions between the US and China after both countries announced tariffs last week. Markets in China, Hong Kong, Taiwan and Indonesia were closed on Monday for holidays.

Large energy speculators increased their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 595,293 contracts in the data reported through Tuesday June 12th. This was a weekly rise of 11,717 contracts from the previous week.