Range Markets

In light of advanced data from CME Group, traders trimmed their open interest positions in crude oil futures markets by almost 20K contracts at the end of last week. In the same line, volume resumed the downside and went down by around 315.5K contracts.

WTI could slip back to $31.00

Positive price action in prices of the WTI on Friday was amidst shrinking open interest and volume, opening the door to the continuation of the correction lower from recent tops in the $40.00 neighbourhood. That said, the late May lows in the $31.00 area emerge as the initial interim support.

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