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- Crude Oil Futures: A deeper drop appears out of favour
Crude Oil Futures: A deeper drop appears out of favour
CME Group’s flash data for crude oil futures markets noted investors trimmed their open interest positions for the third session in a row on Thursday, now by around 1.5K contracts. In the same line, volume shrank for the second straight session, this time by around 43.5K contracts.
WTI remains capped by the 200-day SMA
Prices of the WTI flirted with multi-month lows in the sub-$86.00 area amidst shrinking open interest and volume on Thursday. That said, a potential rebound emerges on the cards in the very near term, although the key 200-day SMA, today at $96.25, continues to limit the upside potential in the commodity for the time being.
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