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Oil Futures: Further Losses Expected

Preliminary data from the CME Group for the crude oil futures markets indicates that traders increased their open interest positions for the third straight session on Thursday, this time by about 6,300 contracts. The volume, on the other hand, maintained the bearish trend and fell by about 2,700 contracts.

WTI could revisit the 2023 low near $64.00

WTI markets approached the $72.00 per barrel level on Thursday before ending the session with modest losses below $70.00. the negative price action was accompanied by rising open interest, which is supportive of the view that further decline looms for the raw material in the very short term. Having said that, The next support to watch is at the 2023 low, near the $64.00 level. (March 20).

wti

Source: Fx Street

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