Crude Oil Futures: Extra gains need further conviction
…
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)]
CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 6.2K contracts on Tuesday for the first time since January 19. On the other hand, volume remained choppy and went up by around 183.5K contracts.
Tuesday’s marked uptick in prices of the WTI was amidst shrinking open interest, which warns against the continuation of the recovery at least in the very near term. That said, a corrective move to the YTD low near the $72.00 mark per barrel should not be ruled out for the time being.
[/s2If]
Join Our Telegram Group
