Crude Oil Futures: Further retracement looks shallow
|Investors trimmed their open interest positions by around 6.1K contracts on Thursday, reversing at the same time three consecutive daily pullbacks in light of flash data from CME Group. Volume, too, extended the downside and receded by around 38.6K contracts.
WTI stays limited by $41.50
Prices of the barrel of WTI keep the side-lined theme around the $40.00 mark. Thursday’s drop and rebound from the $39.20 region was in tandem with shrinking open interest and volume, leaving the prospects of further pullbacks somewhat contained in the short-term horizon. There is no change on the upside, where the target remains at the $41.50 zone.
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.