Search ForexCrunch

In light of preliminary readings from CME Group for crude oil futures markets, open interest shrunk for the fifth consecutive session on Wednesday, this time by nearly 6.7K contracts. In the same line, volume dropped for the second straight session, now by around 23.2K contracts.

WTI faces the next hurdle at $40.00

The recovery in crude oil prices looks unabated, with the WTI quickly leaving behind the $30.00 mark per barrel earlier in the week. Despite a move to the ley $40.00 mark remains well on the cards, shrinking open interest and volume open the door to some correction in the short-term horizon.