Crude Oil Futures: Downside losing momentum?

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders extended the uptrend in open interest for yet another session on Tuesday, although now by just 921 contracts. Volume, instead, diminished by nearly 64K contracts, partially reversing the previous build.

WTI looks supported around $43.00

The leg lower in prices of the WTI could be running out of steam amidst a small increase in open interest. That said, another downtick should not be ruled out yet, but the $43.00 mark is expected to offer decent contention 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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