Crude Oil Futures: Door Open To Extra Weakness

Considering advanced prints from CME Group for crude oil futures markets, traders added around 21.1K contracts to their open interest positions on Tuesday, reversing the previous daily drop. Volume followed suit and increased by around 381.1K contracts.
 

WTI: A drop to the 2023 low looms closer

Tuesday’s sharp sell-off in prices of WTI broke below the key $70.00 mark against the backdrop of rising open interest and volume. That said, the commodity now appears vulnerable to a deeper retracement to, initially, the YTD low of $63.61 recorded on May 4.


More By This Author:

EUR/USD Accelerates Losses Below 1.0700 Ahead Of Data
EUR/USD Price Analysis: Extra Pullbacks Not Ruled Out
EUR/JPY Price Analysis: Another Test Of The 2023 Top Looms Closer

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with