Oil Traders Cut Longs The latest COT CFTC institutional positioning report shows that oil traders cut their net-long positions once again last week. This latest decline was well reflected in price action, with crude currently sitting down by more than 12% off the 2021 highs. Following four consecutive weeks of declines, however, we are finally starting to see some upside action this week with oil prices on course to print their first positive week in over a month. US Dollar Rally Weighing On Oil In terms of explaining the recent sell off in oil prices, the major driver has been the breakout in the US Dollar. With ... (full story)