Crude Oil Futures Face Resistance, Limited Upside Potential

  • Open interest positions in crude oil futures markets declined for the fourth consecutive session, suggesting reduced market participation.
  • Trading volume in crude oil futures increased by over 150K contracts, indicating higher trading activity.
  • WTI crude oil prices reclaimed the $70.00 per barrel level but face resistance at the weekly high of $72.70, limiting further upside potential.
Crude Oil

According to the flash data from CME Group, open interest positions in crude oil futures markets saw a decline for the fourth consecutive session on Friday, amounting to approximately 15.3K contracts. Conversely, trading volume experienced a rebound after two consecutive days of decline, increasing by over 150K contracts.

WTI: Next target at $72.00

The price of WTI crude oil surpassed the key level of $70.00 per barrel on Friday, marking a continuation of its recovery for the third consecutive session. However, it is worth noting that this upward movement occurred amidst diminishing open interest, which suggests a potential limitation in the continuation of the rebound in the short term. The immediate upside target remains the weekly high around $72.70, which was reached on June 21.

Market analysts and traders are closely monitoring the resistance level at $72.70, as it presents a significant hurdle for WTI crude oil. The inability to surpass this level could lead to a corrective phase or consolidation in prices.

Furthermore, the overall sentiment in the crude oil market is influenced by various factors. Ongoing concerns about global oil demand, supply dynamics, geopolitical tensions, and the impact of the COVID-19 pandemic continue to shape market expectations.

Looking ahead, market participants will closely observe key developments such as inventory data, global economic indicators, and geopolitical events to gauge the future direction of crude oil prices. Any surprises in these factors may lead to increased volatility and potential shifts in the price of WTI crude oil.

In summary, the chances of additional gains in crude oil futures are deemed limited as traders scaled back their open interest positions. Despite the recent recovery in prices, the resistance at $72.70 poses a significant challenge for WTI crude oil. Traders and investors will closely monitor key factors that could impact crude oil prices, including inventory data and global economic indicators.

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