Crude Oil Futures: Scope for a deeper decline
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Considering advanced prints from CME Group for crude oil futures markets, open interest increased by around 3.2K contracts on Thursday, reversing at the same time a multi-session downtrend. By contrast, volume dropped by around 141.7K contracts after two consecutive daily gains.
Prices of the barrel of WTI charted an inconclusive session on Thursday amidst increasing open interest. Against that, extra downside now appears on the cards and could motivate the commodity to challenge the key support at the $80.00 mark.
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