Prices of WTI retreated markedly on Thursday on the back of increasing open interest and volume.
CME Group’s flash data for crude oil futures markets noted traders added around 65.2K contracts to their open interest positions on Thursday. In the same line, volume resumed the uptrend and increased by around 664.2K contracts, the largest single-day build since April 3.
WTI: A drop to $72.00 appears in store
Prices of WTI retreated markedly on Thursday on the back of increasing open interest and volume. Against that, further losses appear likely in the very near term and face the immediate target at the November low of $72.22 per barrel (November 16).
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