Crude Oil Futures: Downside appears capped
|CME Group’s advanced figures for Crude Oil futures markets noted open interest and volume shrunk by around 5.8K contracts and by around 197.5K contracts, respectively, on Monday.
WTI faces resistance near $68.00
Prices of the WTI clinched fresh tops in the $68.00 neighbourhood before closing the day with modest losses at the beginning of the week. The negative price action, however, was in tandem with shrinking open interest and volume, indicative that further decline is not favoured in the very near-term.
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