Crude Oil Futures: A sustainable pullback looks unlikely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the third consecutive session on Monday, now by around 13.6K contracts. On the other hand, volume went up for the third straight session, this time by around 234.7K contracts.

WTI now looks to $86.00

Crude oil prices started the week on the defensive despite hitting fresh cycle highs past the $85.00 mark per barrel. The uptick, however, was on the back of shrinking open interest, indicative that a deeper/convincing pullback appears out of favour for the time being. Against this, the WTI continues to target the round level at the $86.00 mark in the near term.

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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