Crude Oil Futures: Room for further losses
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According to preliminary readings from CME Group for crude oil futures markets, open interest rose marginally by 4 contracts on Tuesday after four consecutive daily retracements. In the same line, volume went up by around 316.2K contracts after three daily drops in a row.
Tuesday’s strong pullback in prices of the WTI was on the back of a marginal uptick in open interest and a sharp increase in volume. Against that, a deeper decline appears on the cards with the immediate target at the key $80.00 mark per barrel in the very near term.
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