There is scope for the commodity to revisit the late May low near the $67.00 mark per barrel.
CME Group’s flash data for crude oil futures markets noted traders added nearly 15K contracts to their open interest positions on Tuesday, extending the prevailing uptrend. Volume, on the other hand, shrank by around 131.3K contracts.
WTI: Downside could retest $67.00
Tuesday’s corrective decline in prices of the barrel of WTI was on the back of increasing open interest, which suggests that further losses could lie ahead for the commodity in the very near term. That said, there is scope for the commodity to revisit the late May low near the $67.00 mark per barrel.
Information on this article 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.
Comments
Log in or sign up to join the conversation.