Crude Oil Futures: Downward momentum loses traction

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest went down for the second session in a row on Thursday, this time by nearly 50K contracts. Volume followed suit and dropped by around 243K contracts after three consecutive daily pullbacks.

WTI appears supported around $70.00

Prices of the WTI extended the weekly decline on Thursday amidst shrinking open interest and volume. That said, extra pullbacks appear out of favour in the very near term, with the $70.00 mark per barrel holding the downside for the time being.

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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