Blog: Trading

Crude Oil Futures: Still room for extra retracement

Feb 15, 2023
Crude Oil Futures: Still room for extra retracement

Given CME Group's advanced prints for the crude oil futures markets, open interest increased on Tuesday for the third straight session, rising by around 5.5K contracts. Following suit, volume increased by almost 26K contracts, somewhat correcting the prior daily decline.

WTI: Slight support approaches $76.60

On Tuesday, WTI prices continued their weekly downward trend. The daily fall was driven by rising open interest and volume, which suggests that the commodity will continue to lose money. However, if the minor support at $76.58 (February 9) is lost, a decline to the 2023 low at $72.30 may result (February 6).

Aleksandra Kwiecien
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