Crude Oil Futures: A deeper pullback seems not favoured

Pablo Piovano FXStreet

Open interest in crude oil futures markets dropped for the third session in a row on Thursday, this time by more than 43K contracts according to preliminary readings from CME Group. In the same line, volume added to the previous daily drop and went down by around 345.5K contracts.

WTI: Rally expected to resume soon

Thursday’s retracement in prices of the WTI is seen as temporary only amidst shrinking open interest and volume. Against this, the rally in the commodity is forecast to resume in the very near term and with the next target at the recent highs past the $116.00 mark per barrel, an area last visited back in September 2008.

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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