Crude Oil Futures: Door open to extra losses near term

Pablo Piovano FXStreet

Open interest in crude oil futures markets increased by around 10.6K contracts after three consecutive daily pullbacks at the beginning of the week according to preliminary readings from CME Group. In the same line, volume resumed the uptrend and set aside the previous daily drop and went up by nearly 286K contracts.

WTI could revisit the 2023 low

WTI prices retreated markedly on Monday against the backdrop of increasing open interest and volume. That said, further decline appears in store in the very near term with the immediate target at the 2023 low in the suib-$64.00 mark per barrel (May 4).

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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