Markets

Morning Crude Oil Market Report

August crude oil prices traded lower during the early morning hours and reached their lowest level since December 20th. The outside market was on the defensive after EU officials delayed a final decision for another round of funding for Greece, raising the prospect of a potential default. Meanwhile, there were reports from Kuwait's OPEC official earlier this morning that indicated their current oil output was slightly higher than last month to a rate of 2.55 to 2.70 million barrels per day. Some traders viewed the added production from Kuwait as a factor that helps to offset short falls from Libya and reduced production in Yemen. The Commitments of Traders Futures and Options report as of June 14th showed non-commercial traders were net long 221,726 contracts, a decrease of 6,236. Non-commercial and nonreportable traders combined held a net long position of 254,284 contracts, a decrease of 6,927 in their net long position held by these traders.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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