Crude Oil Futures: Door open to further losses
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CME Group’s flash data for crude oil futures markets noted traders added around 2.8K contracts to their open interest positions on Tuesday following four consecutive daily pullbacks. Volume followed suit and went up by around 57.5K contracts after three daily drops in a row.
Prices of the WTI extended the leg lower on Tuesday amidst increasing open interest and volume. That said, crude oil prices could now accelerate losses and revisit the key support at the $80.00 mark per barrel sooner rather than later.
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