Crude Oil Futures: A deeper pullback looks unlikely
|CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 4.5K contracts on Tuesday following five consecutive daily builds. In the same line, volume dropped for the third consecutive session, this time by around 37.1K contracts.
WTI: Bulls continue to target $109.00
Prices of the barrel of WTI traded on the defensive on Tuesday. The daily decline, however, came in tandem with shrinking open interest and volume and is indicative that further weakness appears not favoured in the very near term. Occasional bullish attempts, in the meantime, remain focused on the April high at $109.00 per barrel.
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