Crude Oil Futures: A deeper drop appears out of favour

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by nearly 1.5K contracts on Monday. On the other hand, volume reversed three consecutive daily pullbacks and went up by around 35.5K contracts.

WTI faces extra gains above $105.00

Monday’s daily retracement in prices of the WTI was on the back of diminishing open interest. Against that, further losses seem not favoured for the time being, leaving the next target for the commodity at recent highs just above $105.00 before the weekly peak at $114.00 (June 29).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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