Crude Oil Futures: Extra rebound appears likely
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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the third day in a row on Monday, this time by around 6.6K contracts. In the same line, volume shrank for the second straight session, now by around 146.7K contracts.
Prices of the WTI started the week on the back foot, although the daily decline was amidst declining open interest and volume, which warns against the continuation of the retracement and favours further recovery instead. That said, the immediate target for the commodity emerges at the interim 55-day SMA, today near $77.50.
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