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Correction has more legs ahead of it

CME Group’s flash data for crude oil futures markets found that on Wednesday, for the first time since October 21, traders added only 111 contracts to their open interest rate positions in a row.

WTI risks further losses below $ 80.00

The sharp drop in price on Wednesday WTI was due to rising open interest and increasing volume, which at least in the short term allowed the corrective downward movement to continue. A convincing break below the $ 80.00 per barrel mark should open the door to additional losses in the $ 75.00 region initially.

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