Crude Oil Futures: Extra weakness in the pipeline
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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the third straight session on Friday, now by around 6.6K contracts. In the same line, volume resumed the uptrend and rose by around 309.4K contracts.
Friday’s strong pullback in prices of the barrel of the WTI was in tandem with increasing open interest and volume. Against that, the continuation of the current decline looks the most likely scenario in the very near term and with the immediate target at the key $60.00 mark.
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