Crude Oil Futures: Further decline in the pipeline
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
According to CME Group’s flash data for crude oil futures markets, traders added nearly 8K contracts to their open interest positions on Friday after four consecutive daily drops. On the flip side, volume shrank for the second straight day, now by more than 77K contracts.
Prices of the WTI dropped for the second consecutive session on Friday. The move was amidst increasing open interest and opens the door to the continuation of the corrective downside in the very near term. The strong drop in volume, however, could allow for occasional bouts of strength. So far, the commodity remains supported by the $76.00 region per barrel.
[/s2If]
Join Our Telegram Group
