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Crude Oil Futures: Further upside seems not favoured

April 23, 2021 by admin 0 Comments

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CME Group’s advanced prints for Crude Oil futures markets noted open interest dropped for the second session in a row on Thursday, this time by around 10.5K contracts. Volume followed suit and went down markedly for the second consecutive day, now by around 195.6K contracts.

WTI: Gains appear limited around $64.00

Thursday’s positive price action in WTI came amidst declining open interest and volume, hinting at some loss off upside momentum in the commodity, at least in the very near-term. On the upside, occasional bullish attempts in WTI are expected to struggle around the $64.00 mark per barrel.