Strong increase of speculative net long positions in WTI

Oil prices remain on the up, Brent achieving $54 per barrel on Friday - its highest level since the end of August. Trading for a time at $51 per barrel, WTI reached its highest price in nearly three months, notes Commerzbank.

Profit-taking ahead of the long weekend - it is Columbus Day in the US today - caused gains to melt away in the later course of trading. 

However, both oil types were up 9% by the end of the week of trading, which marks their highest weekly gain since the end of August. The increase in the WTI price early last week was driven by speculation to a major extent. 

According to the CFTC's statistics, net long positions held by money managers climbed by 23,000 to 173,500 contracts in the week to 6 October, which is their steepest rise since April and their highest level in three months. The ICE will be publishing the corresponding data for Brent at lunchtime today - they are likely to paint a similar picture.