Crude Oil Futures: Correction lower in the offing?
|CME Group’s preliminary figures for crude oil futures markets showed open interest increased for yet another session on Monday, this time by around 5.8K contracts. Volume followed suit and went up by around 107.2K contracts after two daily pullbacks in a row.
WTI could recede to $43.00/bbl
Prices of the WTI extended the correction lower at the beginning of the week amidst rising open interest and volume. That said, extra downside remains on the cards with the next target emerging at the $43.00 mark per barrel (high November 11).
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