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Abstract：Crude Oil Futures: Extra gains likely in the short-term
CME Groups preliminary readings for Crude Oil futures markets noted open interest rose for the second straight session on Thursday, now by around 8.3K contracts. In the same line, volume went up markedly by around 515.5K contracts.
WTI now focused on $62.00 and above
Prices of the WTI rebounded to 2-day highs on Thursday, regaining the area above the $61.00 mark per barrel. The move higher was in tandem with rising open interest and volume, hinting at the likeliness that further gains are now on the cards with the immediate target at weekly highs around $62.20 in the very near-term.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
This Tuesday (June 9th), Saudi announced it will stop cutting oil production beyond OPEC+ agreement, which sent WTI from above US$39 down to US$ 37.07. However, with the surge of crude inventory, oil prices are expected to rebound further.
Due to the rapid-evolving public health emergency around the globe, the daily demand for crude oil will decrease by 3.8 million barrels year-on-year. Prior to this, Goldman Sachs had been the first among Wall Street's major investment banks to predict a sharp decline in crude oil consumption this quarter. The unprecedented drop of demand came as a sudden shock.
An expert told Business Insider that China has been the largest buyer of Saudi oil since 2009 and could be most impacted by a halt to oil exports.
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