Crude Oil Futures: Scope for further gains near term
|CME Group’s flash data for crude oil futures markets noted traders added around 4.3K contracts to their open interest positions on Wednesday, reversing the previous daily drop and resuming the uptrend at the same time. Volume, instead, kept the erratic performance and shrank by around 201.1K contracts.
WTI: A retest of the 2023 low appears likely
Prices of the barrel of the WTI rose further north of the $78.00 mark on Wednesday. The move was supported by rising open interest, which leaves the door open for the continuation of this uptrend in the very near term. The marked drop in volume, however, prompts some caution and could spark a corrective decline with the next target at the YTD low near $72.00 (February 6).
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.