CME Group’s flash data for crude oil futures markets showed traders trimming their open interest rate positions by more than 6,000 contracts on Monday, simultaneously reversing two straight daily increases. Volume, on the other hand, kept the choppyness unchanged, rising by almost 432,000 contracts.
WTI: A test of $70.00 is not excluded
prices of STI posted an inconclusive session on Monday, reversing an initial decline to fresh 2022 lows. The move came amid shrinking open interest and a sharp increase in volume, revealing a likely bounce in the very near future while not ruling out further weakness over the longer term. In the case of the latter, the USD 70.00 per barrel mark is emerging as immediate support.
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