Crude Oil Futures: Extra Gains Unlikely Near Term

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 2.6K contracts after four consecutive daily builds on Friday. In the same line, volume reversed three straight daily advances and went down by nearly 450K contracts.
 

WTI: Further consolidation in store

Friday’s bounce in prices of WTI was amidst shrinking open interest and volume, removing strength from the continuation of the rebound at least in the very near term. That said, the commodity is likely seen maintaining the current consolidation range for the time being. Gains, in the meantime, appear limited above the $74.00 mark per barrel so far.


More By This Author:

USD Index Price Analysis: Tough Resistance Remains Near 103.60
Natural Gas Futures: A Deeper Correction Is Not Favored
EUR/GBP Extends The Consolidation In The Sub-0.8700 Area

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.