Crude Oil Futures: Extra decline looks likely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added almost 4K contracts to their open interest positions on Tuesday, reversing at the same time two consecutive daily pullbacks. In the same line, volume extended the uptrend, this time by around 51.3K contracts.

WTI: Initial support comes near $95.30

Tuesday’s moderate retracement in prices of the barrel of the WTI was in tandem with increasing open interest and volume, exposing the continuation of the downtrend in the very near term and with the next down barrier at the weekly low at $95.34 (April 25).

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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