Crude Oil Futures: Consolidation likely near term
|CME Group’s preliminary readings for crude oil futures markets noted traders scaled back their open interest positions for the third session in a row on Friday, this time by around 23.8K contracts. Volume followed suit and went down by around 309.5K contracts, adding to Thursday’s pullback.
WTI faces the next support around $70.00
Prices of the WTI charted an inconclusive session at the end of last week amidst the broader moderate correction lower. The move, however, is unlikely to have further legs against the backdrop of diminishing open interest and volume. That said, the $70.00 mark per barrel should now hold the downside for the time being.
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.