Crude Oil Futures: Downside seen limited
|In light of advanced figures from CME Group, open interest in Crude Oil Futures markets shrunk for yet another session on Wednesday, this time by almost 3K contracts. It is worth mentioning that the downtrend in open interest remains unchanged since June 12. On the flip side, volume went up markedly by around 294.1K contracts.
WTI faces support near $34.00/bbl
Wednesday’s negative price action in the WTI was amidst shrinking open interest, leaving the leg lower somewhat contained in the very near-term. Against this, the area of monthly lows near the $34.00 mark per barrel emerges as the next support.
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.