Crude Oil Futures: Extra consolidation seems likely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added around 2.5K contracts to their open interest positions on Wednesday, extending the uptrend for the sixth day in a row. Volume followed suit and went up by around 155.2K contracts, keeping the choppy activity unchanged so far.

WTI: Rally takes a breather

Prices of the WTI charted an inconclusive session on Wednesday in tandem with rising open interest and volume, indicative that further consolidation remains in the pipeline at least in the very near term. In the meantime, occasional bullish attempts remain capped by the recent 7-year highs past the $93.00 mark per barrel.

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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