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7 Jan 2020
Crude Oil Futures: top in place?
In light of preliminary readings for Crude Oil futures markets from CME Group, open interest kept rising on Monday, this time by around 17K contracts. Volume, instead, went down by a significant 457.6K contracts, recording the first drop since December 24th.
WTI faces strong resistance at $65.00
After climbing to levels last seen in April 2019 near the $65.00 mark per barrel, prices of the WTI retreated and closed above $63.00 on Monday after tensions between Iran and the US appeared to be diminishing a tad. Despite open interest kept increasing, the important drop in volume suggests that a probable correction lower could be in the offing.