Crude Oil Futures: Probable correction on the cards
|Traders scaled back their open interest positions in crude oil futures markets by nearly 14K contracts on Thursday in light of flash data from CME Group. On the other hand, volume extended the uptrend for another session, this time by almost 660K contracts, the largest single-day build since January 4.
WTI navigates YTD highs above $64.00
The barrel of WTI finally clinched the $64.00 mark (and above) following the key OPEC+ meeting on Thursday. The daily advance, however, was in tandem with shrinking open interest, hinting at the probability of a corrective downside in the very near-term. Reinforcing the latter, there is a bearish divergence in the daily chart in the RSI.
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.