Market Analytics and Considerations
Key Notes
The upswing was prolonged by more than 20K contracts on Tuesday, according to CME Group’s flash statistics for the crude oil futures markets. Following the same path, volume increased by almost 351.6K contracts.
WTI: Traders aim for the bottom of around $70.00 in 2022.
Tuesday’s sharp decrease in West Texas Intermediate prices coincided with rising long positions and turnover, providing the opportunity for the present slide to extend in the near term and for a confirmatory testing of the 2022 bottom at $70.10.
