Crude Oil Futures: Further weakness in store
…
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)]
Open interest in crude oil futures markets increased by around 2.1K contracts on Tuesday, extending at the same time the erratic performance according to preliminary readings from CME Group. In the same line, volume maintained the choppiness well in place and rose by nearly 260K contracts, offsetting the previous daily drop.
Prices of the barrel of the WTI dropped markedly on Tuesday amidst increasing open interest and volume, suggesting that extra decline appears on the cards in the very near term. That said, a probable retracement to the area of 2023 lows near $72.00 remains on the table for the time being.
[/s2If]
Join Our Telegram Group
