Energy Preview: WTI crude oil futures up over 1% in Asian trades

WTI crude oil futures are seen recouping some of their lost momentum on Tuesday morning in Asia. The counter recovered back above $60 per barrel mark early today and is currently quoting at $61.51 per barrel, up 1.33% on the day. Waning demand concerns as US tariffs which could lead to a global recession could cap upside in the counter. Meanwhile, energy speculators sharply cut their net long positions in the crude oil futures market, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Crude oil futures, traded by large speculators, hedge funds and retailers, totaled a net long position of 180558 contracts in the data reported through week ended 1 April, 2025. This was a weekly fall of 12873 net contracts and pulled down net longs from seven week high.

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