Preliminary data from CME Group for crude oil futures markets indicates that traders added about 2,500 contracts to their open interest positions on Friday, marking the second consecutive daily increase. Volume, on the other hand, was noticeably down by around 245,300 contracts after three consecutive daily increases.
WTI remains capped by the 200-day SMA
Barrel prices WTI they gave back part of the weekly advance on Friday amid surging open interest. Against this, a continuation of the downside correction now looks on the cards with the immediate target at the recent lows near the $87.00/barrel mark (Aug 5). Until now, the occasional bullish attempts in crude oil remain capped by the key 200-day SMA, $95.50 today.
Source: Fx Street
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