Crude Oil Futures: Cautious tone prevails
|In light of preliminary readings for Crude Oil futures markets from CME Group, open interest shrunk by around 7K contracts on Tuesday, adding to the previous drop. Volume, instead, partially reversed the previous sharp drop and went up by almost 18K contracts.
WTI remains supported by $57.50
Prices of the West Texas Intermediate closed Tuesday’s session with small gains amidst shrinking open interest. That said, the upside looks somewhat limited and targets the $60.00 mark per barrel in the very near-term, while the downside is expected to remain supported by the $57.50 area.
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