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COT: Major switching from oil to gold and grains last week

From home.saxo

Macroeconomic uncertainties weighed on growth dependent commodities from energy to industrial metals while at the same time supporting another strong week of gold buying. No letup in the deteriorating outlook for US crop production resulted in another across-the-board buying of CBOT grains and oilseeds futures. Seven consecutive weeks of selling has now reduced the combined long in Brent and WTI crude oil by 41% to 421k lots, a near four-month low. This before the tanker attacks in the Gulf of Oman briefly boosted prices before being capped again on demand fears and another counter seasonal rise in US crude oil ... (full story)

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  • Category: Fundamental Analysis