In light of preliminary readings for Crude Oil futures markets from CME Group, open interest kept rising on Monday, this time by around 17K contracts. Volume, instead, went down by a significant 457.6K contracts, recording the first drop since December 24th.
WTI faces strong resistance at $65.00
After climbing to levels last seen in April 2019 near the $65.00 mark per barrel, prices of the WTI retreated and closed above $63.00 on Monday after tensions between Iran and the US appeared to be diminishing a tad. Despite open interest kept increasing, the important drop in volume suggests that a probable correction lower could be in the offing.
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