Crude Oil Futures: Further range bound on the cards
|CME Group’s flash data for crude oil futures markets noted traders added around 26.7K contracts to their open interest positions at the beginning of the week, extending the upside for the second session in a row. In the same direction, volume reversed three straight daily drops and went up by nearly 70K contracts.
WTI: Upside momentum seen struggling above $80.00
Prices of the WTI started the week in an inconclusive tone around the 81.00 mark. Monday’s price action was accompanied by increasing open interest and volume, exposing further indecision in the very near term. In the meantime, it seems the 100-day SMA around the $82.00 mark continues to limit the upside bias in the commodity.
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.