Home Crude Oil Futures: Further losses on the cards
FXStreet News

Crude Oil Futures: Further losses on the cards

In light of advanced data from CME Group, traders trimmed their open interest positions in crude oil futures markets by almost 20K contracts at the end of last week. In the same line, volume resumed the downside and went down by around 315.5K contracts.

WTI could slip back to $31.00

Positive price action in prices of the WTI on Friday was amidst shrinking open interest and volume, opening the door to the continuation of the correction lower from recent tops in the $40.00 neighbourhood. That said, the late May lows in the $31.00 area emerge as the initial interim support.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.