Crude Oil Futures: Door open to extra retracements

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added around 65.2K contracts to their open interest positions on Thursday. In the same line, volume resumed the uptrend and increased by around 664.2K contracts, the largest single-day build since April 3.

WTI: A drop to $72.00 appears in store

Prices of WTI retreated markedly on Thursday on the back of increasing open interest and volume. Against that, further losses appear likely in the very near term and face the immediate target at the November low of $72.22 per barrel (November 16).

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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