CME Group’s flash data for crude oil futures markets noted traders reduced further their open interest positions at the end of last week, this time by around 42.1K contracts. In the same direction, volume went down by nearly 250K contracts after three consecutive daily builds.
WTI: Next target emerges at the 200-day SMA
Prices of WTI rebounded strongly on Friday, although the bounce was accompanied by shrinking open interest and volume, removing strength from the continuation of the bullish move in the very near term. So far, WTI continues to target the key 200-day SMA, today at $78.12.
Source: https://www.fxstreet.com/news/crude-oil-futures-further-recovery-not-favoured-202311200839