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Crude Oil Futures: Scope for extra pullbacks
Abstract：Crude Oil Futures: Scope for extra pullbacks
Open interest in crude oil futures markets shrank for the third session in a row on Thursday, now by around 6.7K contracts considering preliminary readings from CME Group. Volume followed suit and went down by around 101.8K contracts, adding to the previous days pullback.
WTI looks contained around $70.00Prices of the WTI dropped to levels close to the $70.00 mark per barrel but finally managed to close the Thursdays session with decent gains. The move, however, was supported by short covering, as noted by shrinking open interest and volume. That said, while further downside should not be ruled out yet, losses are seen limited by the $70.00 area for the time being.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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