Preliminary data from CME Group for the crude oil futures markets indicate that traders trimmed their open interest positions for the second session in a row on Wednesday, this time by around 10,800 contracts. On the other hand, volume added around 188,500 contracts to its previous daily accumulation.
WTI: Profits are still capped at $85.00
WTI prices extended their weekly downtrend and broke below the key $80.00 per barrel zone on Wednesday. However, the sharp drop came amid waning open interest, reinforcing the notion that a sustained decline seems out of the question for now. To the upside, the 2023 high near $85.00 is shaping up to be pretty decent resistance for bulls thus far.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
