Crude Oil Futures: Extra downside looks favoured

CME Group’s flash data for crude oil futures markets noted open interest shrank for the second session in a row on Friday, this time by almost 30K con  |  08/08/2022 08:07

CME Group’s flash data for crude oil futures markets noted open interest shrank for the second session in a row on Friday, this time by almost 30K contracts. Volume, instead, remained choppy and rose by nearly 73K contracts.

WTI faces initial hurdle at the 200-day SMA

Prices of the barrel of the WTI dropped to 6-month lows near the $87.00 mark on Friday, regaining some poise and closing the session with modest gains. The small uptick was accompanied by diminishing open interest, hinting at the idea that further decline could be in the pipeline in the near term. Occasional bullish attempts, in the meantime, are expected to meet the next hurdle at the 200-day SMA, today at $95.25.

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