Crude Oil Futures: Extra decline looks limited

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted traders trimmed their open interest positions by nearly 8K contracts on Thursday. On the other hand, volume rose for the fifth consecutive session, now by more than 22K contracts.

WTI faces interim support around $60.60

Prices of the West Texas Intermediate receded to multi-day lows on Thursday. The downtick was on the back of shrinking open interest, which should leave the downside somewhat contained in the very near-term. That said, there is an interim support around a Fibo level of the November-March rally in the $60.60 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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