WTI Oil is holding just above $50 per barrel mark. US stocks remain well supported. With the continued strength on Wall Street, all three of the major averages reached new record closing highs.
Oil has been gaining after OPEC agreed on 30 November to reduce production by 1.2m barrels a day from 1 January. MCX Crude Oil futures closed up about 1 percent, ending just under Rs 3,430 per barrel mark.
Large speculators and traders added to their net positions in the WTI crude oil futures markets last week following six straight weeks of decline, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 287,881 contracts in the data reported through November 29th.
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