Crude Oil Futures: Further retracement looks unlikely
|CME Group’s preliminary readings for Crude Oil futures markets noted traders scaled back their open interest positions for the fourth consecutive session on Thursday, now by around 52.8K contracts, the largest single day drop since February 19. Volume, on the other hand, rose sharply by nearly 665K contracts, reaching the fourth build in a row and the largest daily build since January 4.
WTI: Rebound on the cards?
Prices of the WTI plummeted near 8% on Thursday, recording new 5-week lows near the $58.00 mark. The strong pullback, however, was amidst the continuation of the downtrend in open interest, allowing for a rebound in the very near-term and leaving out of favour a deeper decline.
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.