CME Group’s flash data for crude oil futures markets found traders increased their open positions for a second consecutive day on Thursday, this time by about 12.5k contracts. On the other hand, volume contracted for the fourth consecutive session, now by more than 124,000 contracts.
WTI: Gains appear to be capped at $75.00 so far
Marked increase in prices on Thursday STI was on the back of increasing open interest, leaving the door open for this movement to continue, at least in the short term. So far, the $75.00 per barrel area is proving to be the immediate hurdle for the commodity.
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