Preliminary data from CME Group for the crude oil futures markets indicated that traders reduced their open interest positions by nearly 12,000 contracts on Friday, partially reversing previous buildup. Volume, on the other hand, increased for the second day in a row, this time by more than 133,000 contracts.
WTI: The September low near $76.00 is as follows
WTI prices remained under pressure on Friday and closed for the third consecutive session with losses. However, the decline came amid lower open interest and another daily increase in volume. Having said that, Although a short-term bounce looks likely, there is also room for a continuation of the underlying downtrend with immediate support at the September low near the $76.00 level. per barrel.
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.
