Crude Oil Futures: Rebound in the offing?
|Considering advanced prints from CME Group for crude oil futures markets, traders reduced their open interest positions by around 6.7K contracts on Wednesday, extending further the downtrend in place since June 7. Volume, instead, increased by around 113.2K contracts and partially reversed the previous pullback.
WTI: The $100 mark should hold the downside
Prices of the WTI retreated sharply and revisited the $101.00 region on Wednesday. The strong downtick was amidst shrinking open interest and hints at the idea that a deeper pullback is not favoured in the very near term. Against that, further downside in prices of the commodity should meet a tough support around the $100.00 neighbourhood.
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