Crude Oil Futures: Corrective move in the offing?
|CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row on Monday, this time by around 27.6K contracts. In the same line, volume added to the previous daily pullback and dropped by nearly 7K contracts.
WTI meets initial resistance near $88.00
WTI prices rose sharply in the second half of last week. Friday’s uptick, however, was on the back of shrinking open interest and volume, allowing for a corrective move in the very near term. In the meantime, the $88.00 mark per barrel emerges as a decent initial up-barrier for the time being.
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