WTI crude oil fell sharply to its lowest level in nearly a month and down around 6% under $68 per barrel in the previous session. The commodity has been surging amid escalating Middle East tensions that boost oil prices. Currently, the counter is quoting at $67.52 per barrel, recovering slightly from the deep decline and up 0.22% on the day. Meanwhile, the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) showed that the non-commercial futures contracts of Crude oil futures, traded by large speculators, hedge funds and retailers, totaled a net long position of 173731 contracts in the data reported through October 22, 2024. This was a weekly slide of 10672 net contracts and pushed down net longs to three week low.

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