Crude Oil Futures: Corrective downside in the pipeline

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second session in a row on Thursday, this time by around 2.8K contracts. On the other hand, volume rose by nearly 19K contracts after two daily pullbacks in a row.

WTI appears capped by the $75.00 mark

Prices of the WTI clinched new 2-week highs beyond the $73.00 mark on Thursday. The move was amidst shrinking open interest and hint at the idea that a probable leg lower could be in the offing. In the meantime, the $75.00 mark per barrel continues to cap occasional bullish attempts for the time being.

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.

EUR/USD extends slide toward 1.1800 on renewed USD strength

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GBP/USD falls below 1.3550, pressured by weak UK jobs report

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Gold recovers modestly, stays deep in red below $4,950

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Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

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UK jobs market weakens, bolstering rate cut hopes

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Ripple slides to $1.45 as downside risks surge

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