Crude Oil Futures: Price Falling to Downside

According to CME Group's statistics for crude oil futures markets, traders reduced their open interest holdings by over 3K contracts on Tuesday, retaining the previous volatile behavior. On the other hand, reversed three consecutive daily decreases and climbed by roughly 147.7K contracts.

West Texas Intermediate (WTI): Gains appear to be restricted at $85.00

On Tuesday, WTI prices extended their weekly decline. However, the decline was driven by declining open interest, suggesting that a deeper pullback is unlikely in the immediate future. On the plus side, the 2023 high at $85.00 per barrel (August 10) appear to be the immediate impediment for bulls for the time being.

 

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