Crude Oil Futures: Extra losses favoured near term

CME Group’s flash data for crude oil futures markets showed traders extended the uptrend for yet another session on Tuesday, this time by more than 20K contracts. Volume followed suit and went up by around 351.6K contracts.

WTI: Sellers target the 2022 low near $70.00

Tuesday’s strong pullback in prices of the West Texas Intermediate came in tandem with increasing open interest and volume, opening the door to the continuation of the current decline in the short-term horizon and with the potential test at the 2022 low at $70.10 (December 9).