Crude Oil Futures: Further Retracement Could Be Losing Momentum

Photo by Timothy Newman on Unsplash

Considering advanced prints from CME Group for crude oil futures markets, open interest went down for the second straight session on Tuesday, this time by around 10.3K contracts. Volume, on the other hand, reversed two consecutive daily pullbacks and rose by nearly 226K contracts.

WTI remains supported around $81.50

WTI prices saw their decline gather further pace on Tuesday. The daily retracement came amidst diminishing open interest and hints at the idea that a more sustained drop appears to be losing traction. Furthermore, the commodity is expected to meet the next contention area around $81.50 per barrel in the very short term.


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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 ...

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