Crude Oil Futures: Taking into account CME Group’s advanced data for crude oil futures markets, open interest reversed two straight days’ declines and was up about 21.8k contracts on Wednesday. Instead, volume extended the downtrend for the third straight day, this time by almost 8,000 contracts.
Will WTI break the $74.00 barrier soon?
prices of STI printed new weekly highs, although it ended Wednesday’s session in negative territory. The downtrend came as open interest increased and suggests that the commodity could face additional losses in the near future. Meanwhile, the recent high above $74.00 a barrel (March 29) is proving to be the next notable hurdle.
- WTI Crude Oil remains outside a short-term bullish channel after retreating from the highest levels in two weeks.
- Five week old horizontal hurdle protecting immediate upside, converging from 200-SMA, upper line of channel is key hurdle.
- 100-SMA lures intraday oil sellers but further downside from $69.45 needs confirmation.
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