Crude Oil Futures: Deeper pullback in the pipeline

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 29.8K contracts on Thursday. Volume, instead, rose by around 117.2K contracts after two consecutive daily drops.

WTI remains capped by $84.00… for now

Prices of the WTI rebounded from lows in the sub-$81.00 area and closed in the red territory on Thursday. The bounce was amidst shrinking open interest, which is indicative that further strength remains elusive for the time being. On the upside, however, the $84.00 mark per barrel still emerges as a solid resistance.

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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