CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the second session in a row on Monday, th
is time by around 18.8K contracts. In the same line, volume added to the previous daily drop and went down by around 60.7K contracts. WTI: Another visit to $82.00 should not be ruled out Prices of WTI rose sharply at the beginning of the week.
The strong uptick, however, was amidst diminishing open interest and volume and hints at the likelihood that further gains could run out of steam in the very near term. In the meantime, the resumption of the selling bias could drag prices back to the $82.00 region per barrel.
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Global Crude Oil Prices Surge Amid Israel-Hamas ConflictI am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter SiladityaRay or drop me an email at siladityaprotonmail.com.
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