Taking into account the advanced data of CME Group for the crude oil futures markets, open interest resumed the bullish trend and rose around 20,600 contracts on Wednesday, quickly reversing the previous daily decline. Volume followed suit, rising to the highest level since February 24, 2022 at 1,752 contracts, up for the third consecutive session.
WTI: The next downside target is $62.50
The prices of WTI they plunged below the $66.00 per barrel zone for the first time since December 2021 on Wednesday. The sharp pullback was driven by rising open interest and volume and leaves the door open for further losses in the very short term. A deeper drop should target the December 2021 low at $62.46 (December 2). However, the proximity of the oversold zone could trigger a short-term bounce.
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.
