Crude Oil Futures: Weakness looks overdone, Pivot Orderbook analysis
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Considering advanced prints from CME Group for crude oil futures markets, open interest shrank for the second session in a row on Wednesday, this time by around 2K contracts. Volume followed suit and went down by nearly 123K contracts, keeping the choppy performance unchanged for yet another session.
Prices of the barrel of WTI remained under pressure amidst declining open interest and volume on Wednesday. Against that, the likelihood of a deeper drop appears diminished for the time being, while solid support remains around the $85.00 mark.
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