Crude Oil Futures: Door open to extra decline
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Considering advanced prints from CME Group for crude oil futures markets, traders added around 4.3K contracts to their open interest positions after two daily builds in a row on Wednesday. Volume followed suit and advanced for the second straight session, this time by nearly 144K contracts.
Prices of the barrel of WTI extended the weekly leg lower on Wednesday amidst increasing open interest and volume. That said, a deeper pullback remains well on the cards in the very near term and with the next target of note at the weekly low at $82.10 (October 18).
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