Crude Oil Futures: Near-term top in place?
|CME Group’s preliminary figures for crude oil futures markets noted traders added more than 16K contracts to their open interest positions on Tuesday, reversing at the same time two consecutive daily retracements. Volume, instead, diminished by around 335K contracts, the largest single-day drop since August 5.
WTI: Rally halted around $82.00… for now
Indecision dominated the price action in the WTI on Tuesday. The inconclusive session was amidst rising open interest, which could be supportive of some consolidation in the very near term. However, a corrective decline should not be ruled out as the commodity navigates slightly into the overbought territory. So far, the $82.00 mark per barrel emerges as a short-term top.
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