Crude Oil Futures: Downside could be losing traction

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by just 492 contracts on Tuesday, partially reversing the previous daily build. Volume, instead, increased fir the second session in a row, now by around 81.4K contracts.

WTI: A drop to $70.00 emerges on the horizon

Crude oil prices remained under pressure and dropped to fresh 2022 lows on Tuesday. The daily downtick was on the back of diminishing open interest, indicative that further decline could take a breather in the very near term. The broader bearish sentiment in WTI, however, leaves the door open to a probable revisit to the $70.00 mark per barrel.

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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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