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- Crude Oil Futures: Rebound in the offing?
Crude Oil Futures: Rebound in the offing?
CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the four session in a row on Thursday, this time by around 14.7K contracts. In the same line, volume reversed two daily builds in a row and shrank by nearly 252K contracts.
WTI appears supported around $75.00
Prices of WTI dropped marginally on Thursday amidst the steep weekly decline. The daily losses were on the back of declining open interest and volume and open the door to a potential rebound in the very near term. In light of the recent price action, the commodity appears underpinned by the $75.00 region per barrel for the time being.
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