Arab Gulf states OPEC deligates rejecting calls for measures to shore up prices

The CFTC data this Friday will give a clearer picture of the extent of the short covering. Speculative net long positions in WTI already increased slightly in the week to 25 August, despite the fact that the WTI price had dropped by $3 in the reporting week. 

Some OPEC delegates from the Arab Gulf states no longer expect prices to recover significantly beyond $50 per barrel this year. 

"They are still counting on the market adjusting itself, and as such are indirectly rejecting calls for measures to be taken to shore up prices", says Commerzbank.