Crude Oil Futures: A deeper pullback lacks conviction

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest extended the downtrend for yet another session on Tuesday, this time by more than 8K contracts. Volume, instead, went up for the second session in a row, now by around 326.6K contracts, the largest single-day build since February 11.

WTI looks supported around $89.00

Tuesday’s daily retracement in prices of the WTI was accompanied by diminishing open interest, removing strength from the continuation of the downtrend in the very near term at least. The uptick in volume, however, could prompt prices of the commodity to attempt a move to the $89.00 mark before rebounding.

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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