Crude Oil Futures: Recovery looks short-lived
|Open interest and volume in Crude Oil futures markets decreased by nearly 41K contracts and almost 310K contracts, respectively, on Friday according to flash data from CME Group.
WTI appears capped around $52.00
Friday’s corrective upside in prices of the WTI was in tandem with shrinking open interest and volume, signalling the presence of short covering behind the move up. That said, recent tops just above the $52.00 mark per barrel should still act as a strong resistance, at least in the very near-term.
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.