- October 19, 2020
- Posted by: Analysis Team
- Category: Forex News
CME Group’s flash data for Crude Oil futures markets noted open interest shrunk for the second session in a row on Friday, this time by nearly 7K contracts. In the same direction, volume went down for the third session in a row, now by around 292.2K contracts.
WTI: UPSIDE STILL FACES RESISTANCE AROUND $41.50
Prices of the WTI trades within a mild downtrend so far. However, Friday’s inconclusive performance was amidst shrinking open interest and volume, supporting the idea of shallow pullbacks and leaving a potential rebound in the pipeline. That said, the $41.50 level still emerges as a key barrier for oil bulls.