Crude Oil Futures: Rally looks exhausted

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Crude Oil Futures: Rally looks exhausted
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CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 19.5K contracts on Monday after

six daily advances in a row. On the other hand, volume rose for the second consecutive day, this time by nearly 48K contracts.prices charted an inconclusive session following a move to new 2023 tops just past the $88.00 mark per barrel on Monday. The marginal uptick, however, was amidst shrinking open interest, which is indicative that extra advances might not be favoured for the time being. In the meantime, the $88.00 region emerges as a firm hurdle for bulls for the time being.

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