Oil Futures: Further profits look limited.
- by George Solotarov
According to the company CME Group for Crude Oil futures markets, traders have reduced their open interest positions for another session on Thursday, this time by about 15.5 thousand contracts. The volume, on the contrary, rose by about 14.7 thousand contracts, reversing the previous decline.
WTI faced difficulties around $56.40.
The WTI oil prices on Thursday slowed down to fresh peaks above $54.00 per barrel. Further continuation of the downtrend in the open interest amid the current recovery notes that the upward momentum may exhaust itself in the near term. However, the rally should find strong resistance around $56.40 where the 200 SMA is located.