Commodity: What to Watch out in Crude Oil Today

Crude Oil prices were firm on Tuesday as Saudi Arabia pledged to keep markets supplied in energy markets. Brent crude oil futures, Front-month, were trading at USD 79.87 per barrel at, 4 cents above their last close. West Texas Intermediate (WTI) US crude futures were at USD 69.41 a barrel, up 5 cents from their last settlement.

On Weekly view, large energy speculators reduced their bullish net positions in the Crude Oil WTI Futures markets last week, as per latest COT data by the CFTC. The speculative bullish position has fallen for three consecutive weeks.