Crude Oil Futures: Correction is overdue
|Considering preliminary readings from CME Group for crude oil futures markets, traders scaled their open interest positions for yet another session at the end of last week, now by nearly 12K contracts. Volume followed suit and shrank by around 135.5K contracts, reaching the third consecutive daily drop.
WTI: Next stop… the moon?
Geopolitical tensions pushed prices of the barrel of WTI further north on Friday. The move higher, however, was on the back of shrinking open interest and volume, opening the door to a near-term correction. This view is also reinforced by the extreme overbought condition of the commodity.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.