Crude Oil Futures: Extra rangebound stays on the table
|CME Group’s advanced figures for crude oil futures markets noted traders reduced their open interest positions for the second session in a row, this time by around 5.3K contracts. Volume, instead, reversed part of the previous sharp drop and advanced by around 26.7K contracts.
WTI faces strong resistance around $40.00/bbl
Monday’s small uptick in prices of the WTI was amidst shrinking open interest and volume, extending the lack of direction in the commodity and leaving the prospect for extra consolidation unchanged in the short-term horizon.
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.