Crude Oil Futures: A deeper pullback loses momentum
|In light of preliminary figures from CME Group for crude oil futures markets, traders trimmed their open interest positions by nearly 14K contracts on Wednesday, adding to the previous drop. Volume followed suit and went down by around 321.8K contracts.
WTI faces initial support around $70.00
Prices of the WTI extended the corrective downside on Wednesday. The move, however, was against the backdrop of shrinking open interest and volume, removing strength from further retracement and leaving the $70.00 mark per barrel as the next area of contention.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.