Crude Oil Futures: Potential consolidation on the cards
|CME Group’s advanced prints for crude oil futures markets noted traders trimmed their open interest positions by just 642 contracts on Thursday, reversing at the same time six consecutive daily builds. Volume, instead, went up by around 349.3K contracts after two drops in a row.
WTI still targets the 2021 highs
Prices of the WTI moved within the daily range on Thursday, closing the session with decent gains. The uptick, however, was amidst diminishing open interest, which allows for some rangebound trading in the very near term, while further upside still targets the YTD peaks near the $77.00 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.