Energy Preview: WTI crude oil steadies near one-week high

WTI crude oil futures are steadying near a one-week high on Tuesday morning in Asia tracking broad strength in dollar overseas that typically undermines demand for oil. Oil spiked over 2% to attain the one-week high level in the previous session. Investors also wait for the outcome of a two-day FOMC policy meeting on Wednesday for further direction. Currently, the counter is quoting at $66.73 per barrel, mostly flat on the day. Meanwhile, energy speculators yet again sharply reduced 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 15331 contracts in the data reported through week ended July 22, 2025. This was a weekly slide of 9616 net contracts and pulled down net longs to three-month low.

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