Commodity

WTI crude oil futures still have further downside potential?

FXStreet

Updated Aug 18, 2023 09:57

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FXStreet

According to the latest data from the Chicago Mercantile Exchange (CME) Group's crude oil futures market, open interest in crude oil contracts declined for the third consecutive day on Thursday, decreasing by nearly 10,000 contracts. The trading volume decreased by approximately 111,200 contracts, ending a two-day growth trend.

WTI crude oil continues to be supported near $78

WTI crude oil prices attempted a rebound on Thursday, but both open interest and trading volume showed a downward trend, suggesting that this market condition may not continue in the short term. Meanwhile, oil prices are still supported near $78, which is expected to temporarily prevent further decline.

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