Crude Oil Futures: Further recovery seems out of favour
|Open interest in crude oil futures markets shrank by more than 13K contracts on Wednesday, leaving behind six consecutive daily builds according to preliminary readings from CME Group. On the other hand, volume dropped for the second session in a row, this time by around 58.5K contracts.
WTI risks another move to $70.00 and below
Wednesday’s small advance in prices of WTI was in tandem with shrinking open interest and volume, opening the door to a corrective decline in the very near term. That said, the immediate contention emerges at the key $70.00 mark ahead of the late May lows near the $67.00 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.