Energy Preview: Crude oil lingers below $70 per barrel

WTI Crude oil futures are staying range bound and under $70 per barrel mark on Tuesday morning in Asia amid low trading volumes. WTI Crude Oil futures slipped below $70 per barrel on Friday, testing a one and half week low as a strong US dollar weighed on the dollar-denominated commodity. Crude prices are heading for a modest yearly drop, constrained by weak demand from China, rising production in the Americas, and potential sanctions on Iran and Russia. The counter is currently quoting at $69.39 per barrel, up 0.22% on the day. Meanwhile, non-commercial futures contracts of Crude oil futures, traded by large speculators, hedge funds and retailers, totaled a net long position of 229990 contracts in the data reported through December 17, 2024. This was a weekly surge of 39878 net contracts and pushed up net longs at three and half month high.

Powered by Commodity Insights