Crude Oil Futures: Potential bounce in the offing
|Considering preliminary readings from CME Group for crude oil futures markets, traders trimmed their open interest positions by nearly 3K contracts following four daily builds in a row at the beginning of the week. In the same line, volume dropped the most since September 15, this time by more than 186K contracts.
WTI: Next on the upside comes $80.00
Prices of the WTI retreated to the vicinity of the $76.00 mark on Monday against the backdrop of shrinking open interest and volume. That said, further decline seems unlikely for the time being and the door now looks open to a probable rebound with the immediate hurdle at the $80.00 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.