Crude Oil Futures: Door open to extra decline

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest resumed the uptrend on Thursday, this time by around 16.9K contracts. Volume followed suit and increased by around 3.2K contracts, adding to the previous day’s build.

WTI met some resistance around $88.00

Prices of the WTI extended the rejection from the $88.00 mark on Thursday. The negative price action was accompanied by rising open interest and volume, which is supportive of extra losses 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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