17 May 2023
Crude Oil Futures: Diminishing bets for a sustained decline
Considering advanced prints from CME Group for crude oil futures markets, open interest dropped for the 5th consecutive session on Tuesday, now by around 8.4K contracts. Volume followed suit and went down by around 87.4K contracts.
WTI: A minor contention emerges around $70.00
Prices of the WTI appears to have moved into a consolidative phase so far this week. Tuesday’s negative price action was accompanied by shrinking open interest and volume and is indicative that the continuation of the downtrend looks out of favour for the time being. So far, the $70.00 mark per barrel should act as an initial contention zone.
