- Analytics
- News and Tools
- Market News
- Crude Oil Futures: Recovery appears unconvincing
Crude Oil Futures: Recovery appears unconvincing
Considering advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 1.7K contracts on Thursday, recording at the same time the fourth daily drop in a row. Volume followed suit and added to the previous pullback, this time shrinking by around 5.6K contracts.
WTI remains capped by the 200-day SMA
Thursday’s decent uptick in prices of the WTI was fuelled by short covering, as noted by declining open interest and volume. Against that, further upside looks not favoured in the very near term and another test of recent lows near $87.70 (August 16) should not be ruled out.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
