Crude Oil Futures: Further consolidation not ruled out
|CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 33.2K contracts after five consecutive daily advances. Volume, instead, added around 14.7K contracts to the previous daily build.
WTI now targets the $116.60 region
Tuesday’s inconclusive price action in the WTI was in tandem with shrinking open interest and rising volume, exposing the emergence of some consolidation in the very near term. On the upside, traders remain focused on the $116.60 level per barrel (March 24 high).
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.