Crude Oil Futures: A deeper pullback lacks conviction
|CME Group’s flash data for crude oil futures markets noted open interest extended the downtrend for yet another session on Tuesday, this time by more than 8K contracts. Volume, instead, went up for the second session in a row, now by around 326.6K contracts, the largest single-day build since February 11.
WTI looks supported around $89.00
Tuesday’s daily retracement in prices of the WTI was accompanied by diminishing open interest, removing strength from the continuation of the downtrend in the very near term at least. The uptick in volume, however, could prompt prices of the commodity to attempt a move to the $89.00 mark before rebounding.
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