Crude Oil Futures: Extra gains need more conviction
|Open interest in crude oil futures markets noted investors trimmed their open interest positions for the fifth straight session on Thursday, this time by around 21.8K contracts according to advanced figures from CME Group. Volume, instead, remained choppy an went up by around 23.2K contracts.
WTI remains supported by the $95.00 zone
Prices of the barrel of WTI rose sharply on Thursday. The move, however, was amidst diminishing open interest, which leaves the prospect for further rebound somewhat curtailed in the very near term. That said, another visit to the recent contention area around $95.00 per barrel should not be ruled out.
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.