Crude Oil

The price of a barrel of Brent crude oil was 39.1% above its 200-day moving average at the end of last week, when it peaked at $126.47 on Friday. After yesterday’s selloff, it was still 32.4% above its 200-dma, which was $91.43.

According to the CFTC’s Commitments of Traders data, large speculators held futures contracts on WTI light sweet crude totaling 252 million barrels on April 5. That’s equivalent to a whopping 71% of US crude oil inventories during the week of April 1.