Crude Oil Futures: A deeper drop looks unlikely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest shrank by more than 7K contracts on Wednesday. On the flip side, volume rose by around 185.6K contracts, reaching the third daily build in a row at the same time.

WTI appears supported around $100.00

Prices of the WTI plummeted on Wednesday and briefly tested levels below the $105 mark per barrel. The sharp daily drop was on the back of diminishing open interest, however, indicative that the continuation of the downtrend seems not favoured for the time being. In the meantime, the $100.00 neighbourhood now emerges as quite a decent contention area.

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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