Crude Oil Futures: Correction in the offing?

Pablo Piovano FXStreet

Investors trimmed their open interest positions by around 5.6K contracts on Tuesday, extending the downtrend for yet another session in light of flash data from CME Group. In the same line, volume went down by around 156.4K contracts amidst the recent erratic activity.

WTI meets resistance near $68.00

The sharp rebound in prices of the WTI from the $62.00 region seems to have run out of steam near the $68.00 mark so far. Tuesday’s second session with gains was on the back of shrinking open interest and volume, indicative that the positive price action was supported by short covering. That said, there is the possibility of a corrective move in the very 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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