CME Group’s flash data for crude oil futures markets showed traders trimmed their open positions for a third consecutive day on Friday, this time by around 9.5k contracts. At the same time, the volume rose for the second time in a row by around 223.6,000 contracts.
WTI: Next is the uptrend at $74.00
Prices for the barrel STI ended last week for the third consecutive year. However, the drop was due to declining open interest and volume and suggests that further retracements are not possible in the near term. Casual attempts at upside are likely to face an initial hurdle at the weekly high of $73.83 (10th May).
Comments are closed.