Crude Oil Futures: Extra gains appear limited
|Open interest in crude oil futures markets dropped for the fourth session in a row on Tuesday, now by more than 10K according to preliminary readings from CME Group. In the same line, volume resumed the downtrend and shrank by around 23.2K contracts.
WTI now looks to recent tops
Prices of the WTI reversed the drop to the sub-$70.00 area on Tuesday and managed to close the day with modest gains. The positive session was sustained by short covering, as noted by declining open interest and volume, and suggests that further upside could run out of steam in the very near term. In the meantime, the next target on the upside comes at monthly peaks beyond the $73.00 mark per barrel.
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.