Door open to extra decline

  • November 10, 2022

Considering advanced prints from CME Group for crude oil futures markets, traders added around 4.3K contracts to their open interest positions after two daily builds in a row on Wednesday. Volume followed suit and advanced for the second straight session, this time by nearly 144K contracts.

WTI could slip back to $82.10

Prices of the barrel of WTI extended the weekly leg lower on Wednesday amidst increasing open interest and volume. That said, a deeper pullback remains well on the cards in the very near term and with the next target of note at the weekly low at $82.10 (October 18).